I visited the ReadSoft offices almost a year ago and came away with this overview of their basically two-pronged strategy: expanding their capture and P2P practices. It will be interesting to see how that strategy has evolved over the year, under the guidance of Andrew Pery, who was working for ReadSoft as a consultant when I visited last year, and was later named the company’s first CMO.
ReadSoft is coming on an improved first quarter that included 27% YOY growth in software license sales and a 9% increase in overall revenue. ReadSoft’s EBITDA was improved, but the ISV still lost money. According to President & CEO Per Åkerberg CEO, as quoted in the press release on the Q1 financials, “Our EBITDA result and our margins have taken clear s teps in the right direction….A gradual change in the reporting of our revenues from our support and maintenance agreements has affected this quarter’s result negatively compared to first quarter last year. This effect means no lost revenue but only a time delay in the reporting of these revenues.”