Spinnaker Support Announces Strong Q1 2013 Financial Results
Company continues to show positive sales momentum with a 41% revenue increase and 100% sales bookings growth compared to Q1 2012
DENVER--(BUSINESS WIRE)-- Spinnaker Support, the global market leader for SAP and JD Edwards third-party maintenance, co-sourcingSM, and consulting, is pleased to announce the strongest first quarter in the history of the company. Increased acceptance of the third-party maintenance operating model, as well as the need for JD Edwards World software users to solve a crucial payroll issue, caused by the software publisher's inaction, spurred the surge in growth for the company.
For the quarter ending March 31, 2013, Spinnaker Support is reporting that their revenue is up 41% and their sales bookings have doubled compared to the first quarter of 2012. The company is also experiencing increasing momentum with their TTM (trailing twelve months) up 26%. Net new customer numbers have doubled as well on a quarter-over-quarter basis. Among Spinnaker Support's highly satisfied customers are leading retail, manufacturing, high tech, healthcare, and government agencies. The Spinnaker Support client base includes both Fortune 500 companies and mid-sized organizations located in over 50 countries across the globe.
Fiscal 2013 First Quarter Highlights
Spinnaker Support not only achieved record growth in the first quarter, but made significant investments in the business to further accelerate growth. The company launched operations in South Africa and made a strategic hire of Oracle veteran Barbara Harper to drive sales in that region. Pent up demand for third-party maintenance in South Africa has given Spinnaker Support opportunities that far exceeded expectations. The company has also entered into some strategic alliances the help further penetrate the market.
In addition to the company's launch into South Africa, the appointment of industry notable Nigel Pullan from their competition spawned a great deal of interest within the analyst community. Joining Spinnaker Support as their VP of EMEA, Pullan will draw upon his sales and market acumen to drive business outside of the United States.
Additional first quarter achievements include:
Engagement by SAP customers for Spinnaker Support's co-sourcing service offering
Success in selling the Q Series Integrator to JD Edwards World Payroll users not ready or willing to upgrade
Doubled pipeline growth for SAP maintenance services
Significant increase in JD Edwards consulting and upgrade projects
"We continue to be pleased by the revenue growth represented by our third-party maintenance services," said Matt Stava, Managing Principal for Spinnaker Support. "Demand from both SAP and JD Edwards clients for lower maintenance fees remains strong and we are on track to exceed our expectations this year. We also expect to benefit from a growing interest in our co-sourcing services, through which our customers are able to cost effectively augment or backfill their staff with highly skilled onshore resources which offers a distinct advantage over traditional outsourcing models."
Sales bookings are based on non-cancellable contracted revenues, not based on projected future renewal transactions.
About Spinnaker Support
Spinnaker Support, the global market leader for SAP and JD Edwards third-party maintenance, co-sourcing, and consulting services, helps companies maximize their ERP software investments. Whether companies are planning to replace their high-cost maintenance provider or are seeking supplemental maintenance support for their ERP applications, Spinnaker Support has a solution to fit their needs. More than 160 clients worldwide have chosen Spinnaker Support as their provider of choice. Spinnaker Support services are available across the globe via offices located in Denver, London, Singapore, and South Africa. To learn more about Spinnaker Support, visit www.spinnakersupport.com, call +1-877-476-0576 or follow us on Twitter and LinkedIn.
Peter Carter, +1-720-457-5434
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