Paris, France (Vocus) July 30, 2010
Hubwoo (Euronext: HBW.NX), the world’s leading provider of Cloud Procurement solutions, powered by SAP® software, today announced financial information for Q2 2010, in accordance with the “Directive Transparence” financial disclosure requirements.
Greg Mark, Hubwoo CEO commented: “We are pleased to announce top line growth in revenues over Q1’10 and continued positive EBITDA performance. The new bookings in Q2 show significant market demand for our full source-to-pay suite of cloud procurement solutions, powered by SAP® software. Our unique hybrid model, integrating cloud procurement modules with an on-premise SAP back office thus creating a totally cohesive business solution, is being well received in the market. Q2’10 bookings and our future pipeline show strong demand for these larger, strategic initiatives within the SAP customer base. Overall, we continue to be pleased with the financial turnaround the company has made and we look forward to continued revenue growth in 2010."
Q2 2010 revenues show significant growth compared to Q1 2010 (+6%), with the Services component up 24%, reflecting the first phase of large new customer implementations signed in 2010 as well as incremental services delivered into existing customers.
The impact of new bookings in Q1 and Q2 is being reflected in the growth in the Services component of revenue. These same new bookings will progressively impact the future SaaS component of revenue, whose growth this quarter compared to Q1 2010 remains limited (+2%).
Sales activity on both SaaS and Services continued to be successful in both the Americas and Europe –. with total bookings on SaaS in the first half equalling 150% of the total SaaS bookings in 2009
2. General description of the financial situation
Unaudited estimates on P&L show that, despite the investments required to support growth and new bookings, Hubwoo is experiencing a continued positive level of EBITDA and has achieved a stable cost base on which build for the future.
Audited P&L for the first half of 2010 will be communicated by the Company on August 30th.
3. Major Q2 2010 events
Significant customer contracts in the quarter included Alcatel, Aurea, Dystar, Ecopetrol, Invista, Kone Cranes, Nokia, Nycomed, Monsanto, UPM, and Vatenfall.
A milestone of 100,000 active suppliers on the Collaboration Hub was reached in Q2 2010, up over 40% from 2009.
Release of the new eInvoice module within Hubwoo’s Cloud Procurement Suite. In addition to invoice presentment, country-specific legal compliance and digital signature support, the new module now includes matching, workflow, and approval capabilities for complete cloud-based invoice management.
(*) SaaS is a model of delivering technology where a software solution is hosted (cloud computing) as a service for its customers. Clients do not buy the technology but pay a subscription fee to use it.
About Hubwoo (http://www.hubwoo.com)
Hubwoo is the world’s leading provider of on-demand procurement solutions for the SAP community. The Company manages a business-to-business community with over 150 major international corporations as its customers (including 50 in the Global 1000) and over 100,000 active suppliers. Significant customers include Honeywell, BASF, Evonik, EDF, Nokia, Michelin, Shell, Henkel, Statoil, Hershey’s, Consol Energy, EcoPetrol, Carl Zeiss, Burton’s Foods, The Dow Chemical Company, ENI, and Graham Packaging. The Company has international offices in Europe, Americas and Asia and is a strategic partner of SAP and IBM.
Listed in Compartment C on the Euronext Paris Eurolist.
ISIN: FR0004052561, Euronext: HBW.NX, Reuters: HBWO.LN, Bloomberg: HBW:FP
Rinus Strydom (SVP Marketing & Product Management)
Sergio Lovera (Chief Financial Officer)
Tel: +33 (0)1 53 25 55 00