SilverSun Technologies, parent of Sage reseller, SWK Technologies, turned a profit of $322,548 for the year ended December 31, compared to a 2012 loss of just over $1.2 million. The bottom line benefited from a $120,000 income tax benefit. The company said this week that came as revenue rose 32 percent to $17.4 million in the most recently ended year, compared to $13.2 million for the prior year. SilverSun said sales of Sage's X3 system were largely responsible for the growth in software and consulting services last year.
Cloud accounting vendor Xero reported revenue of roughly $60 million for the year ended March 31, up 83 percent from fiscal 2003. The New Zealand-based company said annualized subscriptions are roughly about $77.7 million for fiscal 2015. The net loss for the second half is expected to be "similar" to the roughly $30 million in red ink for the first half of fiscal 2014. Growth in North America was sharply higher, but on a small base. There were 18,000 users on the continent at the end of the year, an increase of 200 percent from 6,000 last year.
Infor said it expects to report revenue in the range of $673.2 million to $677. 2 million for the third quarter ended February 31. Those preliminary results would reflect revenue growth of 1.1 percent to 1.7 percent over last year's corresponding period. The company issued the numbers in connection today's launch of an offering of $750 million of Senior Contingent Cash Pay Notes due 2021.
Joe Hendrix, an owner of reselling firm, Stanley Stuart Yoffee & Hendrix, has died. His death was announced by his partner, SSYH CEO Angela Stuart, who said Hendrix died suddenly. Hendrix had been with Maitland, Fla.-based SSYH since 1995. SSYH carries Dynamics GP, NAV, SL and CRM and Acumatica. However, in its early days it was known primarily as a Solomon reseller.