OneSoft Reports Annual Revenue Increase

Posted on March 25, 2021 by Scott Shuda

OneSoft Solutions (OSSIF), a Candian-based cloud-based analytics company currently focused on pipeline integrity, announced its results for fiscal year 2020.

Revenue for the year ended December 31, 2020 increased 50% over Fiscal 2019, despite the disruption caused by Covid . Annual recurring revenue increased 57% due to existing clients, in aggregate, consuming more CIM Software-as-a-Service (“SaaS“). Management explained that this was about half what the company expected from its business prior to the onset of the pandemic.

The company reported, “we remain confident that our competitive moat continues to increase. Based on certain research and business development initiatives conducted in Fiscal 2020, we maintain our belief that CIM’s unique functionality has not been replicated elsewhere. We further believe that our born-in-the-cloud approach to develop software based on machine learning, data science and Microsoft cloud computing will continue to outpace industry vendors that attempt to update legacy systems.”

Given the Company’s strong balance sheet with $7.7 million of cash and equivalents as at March 23, 2021, no debt, current cash burn rate, and anticipated revenue going forward, Management believes the Company is well-funded to execute current business plans as envisioned without having to raise additional capital.

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