Business
Kneat Reports First Quarter Results
Kneat Reports First Quarter Results Canada NewsWire LIMERICK, Ireland, May 27, 2...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n\n\n\nKneat Reports First Quarter Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLIMERICK, Ireland, May 27, 2020\n\n\n\nLIMERICK, Ireland, May 27, 2020 /CNW/ - kneat.com, inc. (TSXV: KSI) (\"Kneat\") today announced its financial results for the period ended March 31, 2020.  All dollar amounts are presented in Canadian dollars unless otherwise stated.\n\n \n \n \n \n \n \n\n \nFourth Quarter Highlights\nRevenue of $0.95 million was recognized during the three-months ended March 31, 2020 representing an increase of 130% over the same period in 2019. SaaS license fees for the three-months to March 31, 2020 were $0.41 million and this represents an increase of 528% compared with the first quarter in 2019. Annualized recurring revenue (\"ARR\"), which includes SaaS license fees and maintenance fees, was $2.62 million at March 31, 2020. This is an increase of 294% compared to the ARR at March 31, 2019.  More specifically, ARR from SaaS licenses fees increased by 502% and ARR from maintenance fees increased by 110% from March 31, 2019. In February, Kneat announced that it signed a three-year SaaS agreement with a top tier medical device company. This global company with operations in over 70 countries and over 20,000 employees selected Kneat's SaaS platform to digitize all its validation work processes, commencing with computer system validation. In March, Kneat announced that it signed a three-year SaaS master agreement with a top ten pharmaceutical company. This global pharmaceutical company has more than 25,000 employees across multiple global facilities and this agreement allows this customer to expand Kneat across its global network, to its many sites and multiple work processes worldwide. During the continuing pandemic all our employees continue to work remotely and all our operations from software development through to product release, delivery and customer service continue to operate effectively online.  Due to the pandemic, we are seeing a small proportion of companies deferring their purc...