Quisitive's Revenue Soars in First Half of 2019 After CRG Acquisition
Toronto -- August 28, 2019 -- NewsGenie -- Quisitive Technology Solutions Inc. (TSXV:QUIS) reported strong revenue growth for the first half of 2019, driven by the acquisition of Corporate Renaissance Group (CRG). The Microsoft solutions provider saw revenues jump 50% compared to the same period in 2018. For the quarter ended June 30, 2019, revenue reached $4.2 million, a 36.8% year-over-year increase, with adjusted EBITDA of $259,413, representing 6.6% of revenue.
CEO Mike Reinhart highlighted the CRG acquisition as a major growth milestone, providing significant recurring revenue. The recognition by Microsoft as their United States Partner of the Year further fuels momentum. Quisitive now offers customers end-to-end cloud strategies across Microsoft Azure, O365, and Dynamics.
Quisitive also announced the appointment of Michael J. Murphy as Chief Financial Officer and Corporate Secretary, replacing Stephanie Ratza.
Key financial highlights for the first half of 2019 include:
- Revenue of $8,190,616, a 50% increase from $5,469,972 in the first half of 2018.
- Gross margin of $3,451,995, or 42.1% of revenue, compared to $2,010,630, or 36.8% of revenue in 2018.
- Adjusted EBITDA of $497,732, or 6.3% of revenue, a significant improvement from a loss of ($241,105) in 2018.
Q2 2019 highlights include:
- Revenue growth of 36.8% compared to Q2 2018.
- Gross margin increase of 77% over Q2 2018.
- Substantial improvement in Adjusted EBITDA compared to Q2 2018.
Business highlights for Q2 2019 include the completion of the CRG acquisition, recognition as Microsoft's U.S. Partner of the Year, a partnership with A-LIGN to enhance Azure migration services, and expansion in the North Central United States with the hire of Alan Yousha.
Customer wins and project momentum in Q2 included large-scale Azure migrations, infrastructure modernization for a healthcare customer, completion of a large Lotus Notes to Office 365 migration for a major retailer, and securing Azure migrations for additional customers.
CEO Mike Reinhart expressed enthusiasm about Michael Murphy's appointment as CFO, citing his extensive experience and leadership skills. He also thanked Stephanie Ratza for her contributions.
A conference call to discuss the financial results was scheduled for August 29, 2019, at 5:30pm EDT. Replays and presentation materials are available on Quisitive's website.
Quisitive is a Microsoft solutions provider focused on helping enterprises innovate in the Microsoft cloud. The company has offices in Dallas, Denver, Minneapolis, Ottawa, and Toronto.