second quarter of fiscal 2022 results - Q2 FY22 total revenue of $25.1 million, growth of 20.8% compared to $20.8 million in Q2 FY21
- Core platforms continue to perform:
- Unified Commerce solutions revenue grew by $1.0 million or 10.7%
- eprocurement revenue grew by $3.2 million or 40.1%
- Periscope acquisition during the second quarter is transformational for the Corporation
MONTREAL, Nov. 10, 2021 (GLOBE NEWSWIRE) -- mdf commerce inc. (the “Corporation”) (TSX:MDF), a SaaS leader in digital commerce technologies, reported Q2 FY2022 financial results for its second quarter ended on September 30, 2021. Financial references are expressed in Canadian dollars unless otherwise indicated.
“Q2 fiscal 2022 was a transformational quarter for mdf commerce,” said Luc Filiatreault, CEO of mdf commerce. “As was planned for our Strategic Sourcing platform, the strategic acquisition of Periscope has expanded both our geographic footprint and technology offering, allowing us to service all types of government agencies with a full eprocurement offer and effectively positioning mdf commerce as the North American leader in public eprocurement. With just over 2 months since the acquisition, our integration efforts are on track. Our focus is on leveraging the innovative transaction fee solution which allows us to earn revenue on procurement transactions relating to everyday needs such as office and medical supplies, legal services, gas and electricity to more complex construction and infrastructure projects. This innovative model is highly scalable and has the potential to generate significant upside. While recognizing only one month of revenue from Periscope, the Q2 year-over-year revenue growth in our Strategic Sourcing platform, which we’ve rebranded as eprocurement, was 40%. Despite the marked growth over the last two years and the strong growth potential that this acquisition unlocks, the performance of our stock has unfortunately not followed suit. We see this as an opportunity to engage with our shareholders on the full potential of this strategic acquisition and mdf commerce as a whole.”
Two years into its Transformation plan, mdf commerce remains focused on growing its two core platforms, eprocurement and Unified Commerce, that are presently capitalizing on the strong market trend of accelerated digitalization. As demonstrated with the transformative acquisition of Periscope, the path to growth for eprocurement is based on a combination of M&A and organic growth, whereas the path to growth for Unified Commerce relies on organic growth. Over the past two years, mdf commerce has focused investments on scalability, as well as eliminating friction points on our ability to accelerate growth. These investments include expanded sales and marketing capabilities, product innovation, cloud migration and optimization, ongoing improvements to security as well as overall employee compensation market adjustment to retain key talent. These efforts and investments have yielded a 47.8% ($7.6M to $11.3M) Q2 growth for eprocurement from Q2 FY20 to Q2 FY22 and a 71.1% ($5.9M to $10M) growth for Unified Commerce for the same period. When looking at areas of focus, US-based eprocurement activities have grown by 114.1% ($3.3M to $7.0M) for the period spanning Q2 FY20 to Q2FY22 and a 176.9% growth ($2.4M to $6.7M) for our ecommerce activities for the same period.
https://www.globenewswire.com/news-release/2021/11/11/2332191/0/en/mdf-commerce-reports-second-quarter-of-fiscal-2022-results.html