Tuesday, July 24, 2012

ReadSoft Reports $29 Million Quarter

The numbers for ReadSoft's first full quarter with foxray as part of the business are in. For Q2, the Swedish capture and workflow ISV reported the equivalent of around $29 million in U.S. dollars. This represented 25% overall growth from Q2 2011, 13% of which was organic. ReadSoft's operating profit was down slightly, to approximately $2.5 million.

Said CEO Per Ã…kerberg in a press release, "Our strong growth takes us back to black figures with regard to our EBITDA result, both for the quarter and the half-year. We are still not where we want to be in terms of results, but we believe that the investments we make in connection with the acquisition of foxray and in new product generations ensure good long-term growth. We have continued to work intensively with the integration of foxray and this is now essentially complete."

ReadSoft showed growth in all three of its major geographical markets, with the non-Nordic European market leading the way, thanks likely to foxray's established business in Germany.

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