JCurve Solutions is preparing to hand over its Riyo Business software to channel partners almost two years after first acquiring the company.
The Sydney-based NetSuite partner claimed it had made its first sales of the platform in what it called a “watershed moment” that will enable it to open up channel partnerships.
Publicly-listed JCurve originally paid $600,000 for Riyo, a platform that provides on-demand or scheduled booking, dispatch and payment (BDP) services to businesses.
The news of its impending channel opening should come as a relief to both JCurve and its shareholders after the Riyo division made a loss of $507,080 in the last financial year.
Claiming to have followed initial customer feedback, JCurve added it was continuing to enhance the platform and had moved focus to “larger opportunities in a broad range of areas”.
Meanwhile, in an update to shareholders, the company said its decision in 2016 to pivot towards providing more complex NetSuite solutions was now paying off despite a smaller number of new Australian ERP customers.
Instead, JCurve said it was seeing a 25 per cent increase in average deal size, adding it was now “positioned to strongly grow” its entire suite of NetSuite products.
JCurve Solutions had previously held the exclusive rights to the small business JCurve edition of NetSuite, but extended its rights to include mid-market and enterprise in Australia and New Zealand nearly four years ago.
“This transition to larger more complex NetSuite solutions has not been without its complications or difficulties as we re-aligned both our team and our relationship with Oracle NetSuite, moving the focus of our relationship away from entirely the small business JCurve ERP edition to a broader basis selling the entire suite of NetSuite solutions,” the company told shareholders.
In JCurve’s financial results for 2019, the NetSuite ERP division accounted for 78 per cent of the company’s overall $12.5 million revenue.
Although revenue was marginally higher than FY 2018’s $11.9 million, it fell significantly short of the initially forecasted $16 million, a figure later revised down to $14.5 million. Meanwhile, profit after tax declined year-on-year by 33 per cent to $604,387, with NetSuite ERP again proving to be the biggest success point.
JCurve’s decision to acquire Singapore-based Spectrum Partner Group was also said to be paying off, having won its two biggest contracts in December.
JCurve first moved into Singapore in December 2018, with CEO Stephen Canning moving over nine months later. The latest deals were said to be worth $400,000 in combined sales income over the contract period.