Cytiva Shows Continued Growth and Positive Cash Flow For the Third Quarter 2009
Talent Management Vendor Reports Record Revenue, 14% Year-Over-Year Growth and 107% Increase in Cash Flow for the First Nine Months of 2009
EMERYVILLE, CA- December 3, 2009 – Cytiva Software Inc. (CRX – TSX.V), a leading talent management software vendor, has released audited financial statements for the three-month period ended September 30, 2009.
Third quarter highlights include:
Â• Near record revenue
Â• 281% increase in cash flow provided by operations vs. Q3 08
Â• 11% year over year increase in revenue vs. Q3 08
Â• 22% increase in number of new deals vs. Q3 08
Â• 27% sequential increase in deferred revenue vs. Q2 09
Â• 50% increase in R&D headcount for talent management product development
Â• Completion of a highly successful inaugural user conference
Â• Cytiva listed on the Software 500 list of largest software companies
Â• SonicRecruit cited as “Leader” in candidate and hiring manager experience in Bersin & Associates report, “Talent Acquisition Systems 2010: Facts, Practice Analysis, Trends and Provider Profiles.”
“Cytiva closed almost as many deals in Q3 as we did in the previous two quarters combined,” said Jason Moreau, CEO of Cytiva Software. “This increase in momentum is largely due to the traction we are gaining with our SonicPerform performance management system and increasing interest in our SonicOnboard onboarding solution.”
The quarter was highlighted by the first annual SonicSummit user conference, partially sponsored by CareerBuilder, which took place in San Francisco. The event consisted of two days of educational sessions ranging from web 2.0 recruiting and social networking to utilizing talent management technology to increase retention and productivity.
The third quarter was also marked by an approximate 50% increase in FTE resources focused on talent management product development. This investment reflects the opportunities Cytiva sees in the continuing enhancement and expansion of their talent management suite which currently consists of SonicRecruit applicant tracking software, SonicPerform performance management software and SonicOnboard onboarding software.
ABOUT CYTIVA SOFTWARE INC.
Cytiva Software Inc. (CRX:TSX.V) provides innovative Software as a Service (SaaS) talent management software and services to mid-sized and Fortune 500 companies. Its flagship recruiting software product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking software improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. Cytiva’s SonicPerform employee performance review software automates employee evaluations, aligns employees around key goals and encourages year round feedback. And, Cytiva’s SonicOnboard onboarding solution helps organizations get their new hires productively contributing!
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The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva. These statements are based on current expectations and
estimates about the human resources markets in which Cytiva operates and management’s beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. Some of these factors are largely beyond the control of Cytiva. Should any factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All
of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company