News and Analysis

News and Analysis (15669)

INTUIT SELLING QUICKEN, Q-BASE, D-FORCE

Cook's kitchen table, birthplace of QuickenIntuit plans to divest the product that gave birth to the company, Quicken. The company revealed its plans in this week's fiscal 2015 conference call in which CEO Brad Smith said Intuit will also sell Demandforce and QuickBase. "Quicken is a strong, healthy business and remains America's No.1 personal finance software," Smith said. But he noted it is a desktop package "that does not strengthen the small business or tax ecosystems." Intuit displays the kitchen table at which Scott Cook conceived the first thought that led to Quicken after his wife complained about trying to balance her checkbook. I wonder if the buyer has to take it. (Just kidding.)

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SERVICE REVENUE LIFTS SWK

 Mark Meller, SilverSun TechnologiesDespite a 3-percent drop in product income, SilverSun Technologies reported a 12.9-percent increase in revenue for the second quarter ended June 30. Revenue for the parent of SWK Technologies was $5.9 million in the most recently ended quarter, compared to $5.3 million a year earlier. The top line got the lift from service revenue which rose to slight more than $5 million, up 16.9 percent from $4.3 million in last year's corresponding period. Net income for the second quarter was $44,60, down 25.5 percent from $59.9 million in the prior year.

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NETSUITE REPORTS BRONTO RESULTS

NetSuiteBronto Software lost slightly less than $2 million on $37.2 million in revenue for the year ended December 31. The numbers were reported this week by NetSuite, which purchased the cloud-based commerce marketing company this year for about $200 million. It had a cumulative shareholder deficit of $1.7 million. NetSuite did not report comparable year-earlier results for the acquired company. It did report Bronto had a loss of $1.6 million on $10.8 million in revenue for the first quarter ended March 31.

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SAGE HITS XERO IN AUSTRALIA

sageSage decided to do unto Xero as had been done to it. The United Kingdom-based company engaged in guerrilla marketing at Xerocon in Australia. Business Inside Australia reported attendees were handed hot coffee at the Melbourne Convention Centre and given a pitch for SageOne. The low-cost cloud accounting product was launched in Australia in May. A photo in the online publication showed a flyer with the words "SageOne Online Accounting; Not Just a Pretty Face. Only $15 a Month." Turn about? Last year, Acumatica set up in a café in the Mandalay Bay during Sage Summit and Sage presented rival with a $10,000 bill. But Sage's non-compete clause was with the casino, not the café.

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SAGE NAMES ACCOUNTANT VP

Ray Barlow, SageSage North America has hired Ray Barlow, a long-time CCH executive, as VP of accountant solutions. Barlow had lead Intuit's Accountant & Advisor Group starting in September 2013. Barlow's job at Intuit was described as building and leading "a team of Strategic Account Managers, Product Specialists, and Inside Account Managers to provide accountants with the products, programs, and services needed for their success." At Sage, he has responsibility for the accountant business in North America.

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COLUMBUS HIRES ELDRIDGE AS SALES EVP

Ken Eldridge, ColumbusDanish Dynamics reseller Columbus has hired industry veteran Ken Eldridge as sales EVP. Eldridge will be based in the company's Norwell, Mass., office and his hiring represents another move by Columbus to turn around its operations in this country. He was EVP and partner at Sopris Systems from January 2013 until taking the new job and was VP of sales and marketing for New York-based Queue Associates from November 2011 to November 2012.

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INTACCT PICKS PRESIDENT'S CLUB

IntacctOnline financial software vendor Intacct has named its President's Club for 2015. The list includes Radius, the San Jose, Calif.-based vendor's Accountants Program Partner of the Year for the second straight year and accounting firm, Armanino, the VAR Partner of the Year for 2014, also its second consecutive appearance in that role. Other organizations honored for performance were AcctTwo, Arxis Technology, Cargas, CliftonLarsonAllen, Frank, Rimerman + Co., JMT Consulting, Kianoff & Associates, LBMC Technology Solutions, Leap the Pond, Massey Consulting and McGladrey McGladrey.

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INFOR TO BUY GT NEXUS

Sean Feeney, GT NexusInfor plans to by GT Nexus, which was described as the world's largest cloud-based global commerce platform, for $675 million. Infor says the target has about 25,000 customers, including six of the top ten logistics service providers and 30 global financial institutions. Infor has acquired many companies over the years—this is the largest deal since it acquired Lawson for about $2 billion in 2011. GT Nexus had revenue of about $133.2 million in revenue for the year ended Dec. 31, 2014 and about $10 million in adjusted EBITDA. Infor expects to save about $8.7 million through cost cutting.

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KEYEDIN UPDATES MOBILE APP

  Kevin Hurley, KeyedIn SolutionsKeyedIn Solutions has introduced a new version of KeyedIn Projects Mobile, a companion to the company's KeyedIn Projects cloud-based software. The mobile app enables managers to access project status, drill-down into analytics to review and approve expenses. Features include the ability to photograph receipts and submit them with expense reports, select widgets to view program and project status and drill-down into project analytics.

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RECKON ONE HITS U.S.

Clive Rabie, Reckon Not much detail is available but Reckon One, the low-cost cloud product from Australia-based Reckon has been introduced into the United States. The PDF of the investor presentation for results for the company's first half ended June 30 has a simple bullet point "Reckon One launched into USA /Canada next target." No other details were shown. In a prepared statement, Reckon CEO Clive Rabie said the company has "made significant inroads into making Reckon One a contender in the online accounting software space." The company has introduced the online application into the United Kingdom, which it notes is a larger market than Australia and New Zealand has operated.

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