Synygy Reports 2012 Financial Highlights
Feb 19, 2013 (Close-Up Media via COMTEX) --
Synygy announced results for the period ending December 31, 2012, reporting growth in revenue and profitability, and highlighting the launch of the new Optymyze software platform.
According to a release, the company reported double-digit increases in annual revenue, driven by growth in both its software and its services businesses, and double-digit profitability, with EBITDA rising six percentage points over the prior year.
Synygy also reported a record level of software licensing revenue, which nearly tripled over the past three years, and a record level of planning, design, implementation, consulting, and other non-subscription services revenue, which more than doubled over the past three years.
"We are very pleased with the growth in our software business, in particular," said Mark A. Stiffler, Synygy's president and CEO. "Despite large investments in software development and expansion of our sales force, the profitability of the software business drove overall improvements in profitability."
On the technology front, the company said, 2012 saw the release of core applications of Optymyze, a new SPM software platform, including data management, compensation plan management, and analytics capabilities.
"With Optymyze, our goal was to completely rethink our entire technology platform and user interface from scratch with the cloud and touch devices in mind," continued Stiffler. "It seems that we have solidly met our goal, with prospects giving Optymyze rave reviews for its mobility, simplicity, configurability, and reporting and analytics capabilities."
"Synygy entered 2013 with a new technology platform, multiple new service offerings, and a global team of professionals with an unmatched depth and breadth of experience in solving complex incentive compensation challenges for large companies," Stiffler added. "As a result, the outlook for both our software and our services businesses is very positive."
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