Cloudten revenue up 18 per cent
- 26 August, 2019 11:20
Cloudten has closed the 2019 financial year with revenues of $4.5 million, or an 18 per cent increase compared to last year's $3.8 million.
The numbers were revealed on 26 August by Cloudten's parent company Transaction Solutions International (TSI), who acquired Cloudten in February for a total consideration of $8.6 million.
Cloudten has posted profit before tax of $1.5 million for the year ended 30 June 2019. Net profit after tax has not been made public by TSI.
Decipher Works, which was acquired by publicly-listed TSI in August 2017 had revenues of $4.4 million for the year ended 30 June, and profit before tax of $1.1 million.
TSI told shareholders that moving forward the plan is for the business to deliver profitable organic growth, develop new products to create new, recurring revenue stream, later focus on complementary acquisitions and lastly evaluate opportunities to monetise investment in India.
The company is currently focused in R&D with four products in its pipeline.
On 30 July, TSI had unveiled plans to change its name to Vortiv Limited. The Western Australia technology for financial services provider, which owns and operates Decipher Works and Cloudten Industries, said both business would remain operating under their current brands.
The company told shareholders at the time that since 2017, following the acquisition of Decipher Works, its focus changed to cyber security now backed by cloud services with Cloudten.
With a transformation in its business focus, the company saw it fit to propose a name change which is subject to shareholder approval.