Spinnaker Support Reports Q3 2013 Results Global ERP Services Provider Maintains Growth Trajectory; New Client Engagements Fuel Record Revenues
DENVER, Oct. 8, 2013 /PRNewswire/ -- Spinnaker Support, a global market leader for SAP, JD Edwards, and Siebel third-party maintenance, application/technical management services, and consulting, today announced revenues and client bookings continue to exceed expectations for the year.
For the quarter ended September 30, 2013, Spinnaker Support reports 34.4% increased revenue and 109.1% more sales bookings compared to the same quarter of 2012. The company continues to maintain its commitment to self-funded growth and financial independence, ensuring a more stable and secure investment for customers. Spinnaker Support serves more than 180 Fortune 500 companies and mid-sized organizations located in over 50 countries across the globe, with leading retail, manufacturing, high tech, healthcare, and government agencies among its client base.
"The achievements of our team this quarter are indicative of the increasing acceptance and maturation of third-party maintenance as an alternative to vendor-supplied maintenance and support services," said Matt Stava, Managing Principal for Spinnaker Support. "To broaden and extend the value that we bring to our many customers around the world, we've strengthened our executive leadership and operations teams, enhanced our infrastructure, and expanded our service offering by adding Siebel maintenance to our portfolio."
"These initiatives are helping us meet growing market demand for enterprise software support options while continuing to provide the quality of service our customers need and expect," said Stava. "And that's why Spinnaker Support has experienced 15 continuous quarters of outstanding growth, with sales bookings once again outperforming our initial projections."
Fiscal 2013 Third Quarter Highlights
New deals across all product and service lines contributed to the company's growth, especially in the area of third-party maintenance services for SAP and JD Edwards applications. The company is also experiencing increasing momentum with TTM (trailing twelve months) revenues up 29.3%. Net new customer numbers more than doubled as well with a 133.3% increase on a quarter-over-quarter basis.
Sales bookings for Spinnaker Support's SAP maintenance and support offering continue to accelerate. As enterprises around the world become aware of the convenience and benefits of third-party maintenance to extend the value of their SAP ERP systems and manage upgrade strategies, Spinnaker Support expects this practice area to expand.
In July, Spinnaker Support announced that Cook County – an urban county in Illinois that encompasses Chicago and surrounding suburbs– chose to partner with Spinnaker Support to keep its JD Edwards system at top performance. With approximately 5.4 million people, Cook County is the second most populous US county. Cook County is the 19th largest government in the nation, containing 133 municipalities – including the City of Chicago, the county seat. The county uses JD Edwards World software to process payroll for over 20,000 employees, and needs to ensure reliability. Cook County chose Spinnaker Support as its third-party maintenance provider because of its stability, depth of JD Edwards expertise, breadth of services, and reputation.
Other Notable Achievements for Q3 2013:
Spinnaker Support has had an active quarter achieving strategic goals and objectives that position the company for continued global growth throughout the rest of 2013 and into 2014:
- Signed several new contracts with key accounts in the co-sourcingSM (application management and technical management services) area for the SAP and JD Edwards offerings
- Launched a number of new engagements within the Siebel maintenance practice, and continue to experience healthy sales pipeline for the offering
- Helped a variety of JD Edwards World Payroll users adopt the Q Series Integrator, extending the valuable life of their JD Edwards payroll systems
- Nominated for UKOUG (United Kingdom Oracle User Group) Partner of the Year Award 2013 for the second year in a row
"Our commitment to educating our markets about the value of third-party maintenance is raising awareness that businesses can significantly reduce their maintenance and support costs, manage IT budgets, extend the life cycle of their ERP investments and control their upgrade path," said Stava. As part of this education process, Spinnaker Support has partnered with leading independent analyst and advisory firms. They produced an industry brief that features exclusive research from Gartner, as well as conducted a live webcast on "The Hidden Truths of Software Support" with UpperEdge. "The savings generated allow companies to focus resources on strategic business goals and objectives. Once a company understands the true cost savings and efficiencies of partnering with a third-party provider like Spinnaker Support, the decision is simple," added Stava.
Sales bookings are based on non-cancellable contracted revenues, not based on projected future renewal transactions.
About Spinnaker Support
Spinnaker Support, the global market leader for SAP, Siebel and JD Edwards third-party maintenance, co-sourcingSM, and consulting services, helps companies maximize their ERP and CRM software investments. Whether companies are planning to replace their high-cost maintenance provider or are seeking supplemental maintenance support for their ERP and CRM applications, Spinnaker Support has a solution to fit their needs. More than 180 clients worldwide have chosen Spinnaker Support as their provider of choice. Spinnaker Support services are available across the globe via offices located in Denver, London, Singapore, and South Africa. To learn more about Spinnaker Support, visit www.spinnakersupport.com, call +1-877-476-0576 or follow us on Twitter and LinkedIn.
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SOURCE Spinnaker Support