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CloudCommerce Reports Over 500% Increase in December 2015 Quarterly Revenue Over Same Quarter in 2014
CloudCommerce Reports Over 500% Increase in December 2015 Quarterly Revenue Over Same Quarter in 2014.
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[{"type":"text","content":"\nCloudCommerce Reports Over 500% Increase in December 2015 Quarterly Revenue Over Same Quarter in 2014 \n\nCloudCommerce Reports Over 500% Increase in December 2015 Quarterly Revenue Over Same Quarter in 2014\n\n\nCompany Files First Consolidated Quarterly Report After Executing Growth-by-Acquisition Strategy \n\n\n SANTA BARBARA, CA--(Marketwired - February 12, 2016) - CloudCommerce, Inc. (OTCQB: CLWD), a provider of advanced e-commerce services to leading brands, announced the filing of its first quarterly report after the recent acquisition of Indaba Group, with consolidated revenue showing dramatic improvement over the previous year-over-year quarter.For the quarter ended December 31, 2015, revenue was $778,075, an increase of 524% compared to the quarter ended December 31, 2014, which was $126,203. The bulk of the increase came from the Company's wholly-owned subsidiary, Indaba Group, based in Denver, CO, which began to contribute revenue after the acquisition closed on October 1, 2015.\"Our Indaba Group acquisition contributed significant top line revenue to the Company, and we're very pleased with these results,\" said Andrew Van Noy, CloudCommerce's CEO. \"The e-commerce industry is experiencing tremendous growth right now and we are excited to be a part of it. For the first time in history, Black Friday 2015 had more online sales than traditional retail sales in malls and stores. The battle for customers, revenues and profits has forever moved online. Our plan is to aggressively increase our internal growth, as well as acquire other profitable e-commerce service providers to capture market share and become a dominant player in the industry.\"\n E-commerce has been reported to be one of the fastest-growing industries in the world. According to market research firm eMarketer, global consumers will spend $1.672 trillion online this year, and by 2019, online purchases are projected to more than double to $3.551 trillion, which will include roughly 12.4% of overall retail sales. CloudCommerce has previously announced its plans to grow by making acquisitions similar to its purchase of Indaba Group that will prove to be highly accretive to both top- and bottom-line financial results. The strategy mirrors that used by many other successful information technology firms, such as PFSweb Inc., Perficient Inc., and Cognizant Techno...