Sopheon’s AGM statement notes that, during 2017, it has continued to advance its Accolade software platform, launching version 11.1 in February. The Group has recently been included in Gartner’s Magic Quadrant for Project Portfolio Management, a strong validation of its unique position in the enterprise portfolio management, enterprise initiative management, and product development markets. Full year revenue visibility is up, despite a robust prior year comparator. That combines with a strong pipeline to produce a confident statement from the Board on future delivery. We expect that the benefits of Sopheon’s products will continue to drive customer wins as the requirement to manage innovation becomes more fully recognised.
Accolade is now in its eleventh major release. The state-of-the-art platform allows Enterprise customers to manage and monitor their pipelines of innovation. Sopheon has won (and retained) a large number of global blue-chip clients - including NASA, Merck and BASF.
Sopheon notes that its inclusion in Gartner’s Magic Quadrant for Project Portfolio Management makes it the only vendor referenced in both that and the Market Guide for Strategy Execution Software.
The statement says that full year revenue visibility for 2017 from contracted business and recurring revenue streams is now at $17.5m, compared to just under $17m at this time last year. We recall that the first half of last year included a very substantial order from an existing enterprise tier customer. The strong comparator from last year included that contract, while the current year’s visible revenues include 20 license orders versus 14 last year and are more broadly spread across Sopheon’s growing customer base.
Sopheon continues to invest in its vertical industry focus areas of chemical, consumer goods, food & and beverage, aerospace and defence, and high-tech. Having recently signed customers in the insurance, services and automobile industries, it is also researching those sectors to assess new growth opportunities.