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TORONTO, Oct 5, 2010 (Canada NewsWire via COMTEX News Network) -
FUNDGUARD™ EXPANSION WITH NEW CLIENT SUBSCRIPTIONS HIGHLIGHTED
Angoss Software Corporation (Angoss) (TSX-V: ANC) today announced unaudited results for the third quarter and nine months ending August 31, 2010.
Third quarter billed revenues were $1,986,386, up 6.3% from 2009 third quarter revenues of $1,869,936. Year to date billed revenues were $5,977,517, up 2.9% from 2009 revenues of $5,810,684.
Third quarter earned revenues were $2,012,993, off 2.7% from 2009 results of $2,067,775. For the nine months ended August 31, 2010 earned revenues were $6,094,104 down 3.8% from 2009 results of $6,333,291.
The Company's "on demand" analytics solutions business segment was up 64% in the third quarter and is up 55% year to date, compared with 2009 results. Growth has been led primarily by FundGUARD™ new client deployments and subscription renewals.
The Company's analytics software business segment is flat year over year, with 18% growth in Europe offset by a 10% decline in North America. Although the Company expanded existing deployments and added new clients in the third quarter, sales cycles remain lengthy, and continue to be impacted by analytics department consolidations, budget restrictions and more complex approval processes. These trends are expected to continue into 2011.
The Company's Intellimaxx marketing solutions business segment was up 20% in the third quarter compared with 2009 Q3 results, but year to date remains 10% below 2009 results. Growth this year has been driven primarily by existing customers. The Company has repositioned the Intellimaxx offering for new prospects, developing a more complete suite of consumer data insights, advanced predictive analytics and digital marketing capabilities for their web, email, mobile and social media needs. Initial customer and prospect feedback has been positive; however, significant additional sales effort will be required to build the opportunity pipeline for Intellimaxx into 2011.
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