Internetretailer.com released an article this week mentioning the considerable growth seen by online software and service provider Art Technology Group, Inc. In the midst of a shabby economic climate in 2009, ATG achieved record financial results, said president and CEO Bob Burke. In 2009, ATG saw their highest revenue and net income ever, and signed on a number of new clients. Given the current growth of the e-commerce sector, Burke is excited for what will come in 2010.
Regarding their stock, ATG has just revealed plans to sell an additional 25 million shares which would generate around $100 million to be used to increase working capital and for general “corporate purposes,” possibly including acquisitions. In Q4 2009, ATG reported revenue of $49.7 million, up $4.3 million from the year before. Net income in Q4 was $5.2 million compared to $3.5 million a year earlier. 2009 as a whole saw revenue of $179.4 million, up from $164.6 in 2008. Net income in 2009 was $16.8 million vs. $3.8 million the year prior.
To break it down, ATG generates 55% of revenue from 'recurring services,' which include operating e-commerce websites and providing live chat and click-to-call services. Thirty percent of ATG revenue is from the licensing of e-commerce software. Their impressive client roster includes online retailers such as Amazon, Sears, Best Buy and Neiman Marcus.
via internetretailer.com
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