MOQdigital has become a formidable IT operation in just its first full year in existence, with over $30 million in sales and more than 200 staff in offices across three Australian states, New Zealand and Sri Lanka.
The publicly listed company posted revenue of $33.9 million for the 12 months to 30 June 2016. However, it reported negative earnings of $546,5000 and a net loss after tax of $528,000 following a heavy acquisition strategy that began when non-executive chairman David Shein bought a listed shell company in March 2014. "There has been a lag in the investment to translate into earnings momentum," according to its investor presentation.
In the 2016 financial year, MOQ completed its acquisitions of Tetran and Skoolbag. The $9 million acquisition of Tetran brought "immediate scale to the NSW operations", while the $3 million acquisition of Skoolbag brought 2,600 customers and over one million users.
Skoolbag is already "entrenched" in the primary and secondary school market in Australia, and is now being aimed at other groups, including sports clubs. The company has revealed that it was used at Rio 2016 by the Australian Olympic Committee and "all Australian Olympic athletes".
The company is targetting revenue of $50-$55 million for 2017.
Shein said: "I am confident that today we have both the management team and the strategy to execute. During the year we acquired Tetran and Skoolbag. Tetran will enable us to improve our already high levels of customer satisfaction extremely cost effectively. Already, existing customers have taken advantage of these new capabilities.
"Skoolbag is an amazing app providing valuable information to parents, teachers and schools and is an important part of our stated objective of owning our own IP. We will continue to invest in developing Skoolbag," said Shein.
MOQ was named Microsoft's Australian partner of the year at the Worldwide Partner Conference and was also a finalist in the internet of things category.
Nicki Page, MOQ chief executive, said this was a credit to the "exceptional team for the high level of customer satisfaction whilst showcasing innovative solutions using advanced cloud technologies".
"MOQdigital was recognised for providing outstanding solutions and services in internet of things which helps to build credibility with our customers while strengthening our sales and marketing activities in this new market area," said Page.
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