Determine Announces Financial Results for Q3 2017
On February 9, Determine, Inc. (NASDAQ: DTRM), the Indiana-based provider of contract management and source-to-settle solutions for the cloud, announced financial results for the third quarter of Fiscal Year 2017. GAAP-based revenues and recurring revenues increased slightly from Q2 2017, which Determine President and CEO, Patrick Stakenas, attributed to increased demand for its cloud-based source-to-pay and contract lifecycle management solutions. Still, revenue, annual recurring revenue, gross profits, and non-recurring gross profits fell slightly year-over-year. Highlights from Q3 2017 include:
- $6.9 million in revenue, compared to $7.1 million from Q3 2016, or a 3.5% decrease year-over-year
- $5.05 million in recurring revenue, compared to $5.35 million from Q3 2016, or a 5.6% decrease year-over-year
- $1.78 million in non-recurring revenue, compared to $1.75 million from Q3 2016, or a 3.0% increase year-over-year
- $3.34 million in gross profits, compared to $3.69 million from Q3 2016, or a 9.3% decrease year-over-year
- $64 thousand in non-recurring gross profits, compared to $144 thousand from Q3 2016, or a 55.6% decrease year-over-year
- $2.2 million GAAP net loss, compared to 2.8 million GAAP net loss in Q3 2016, or a 21.5% improvement year-over-year
Vinimaya Rebrands as Aquiire
On February 9, Cincinnati-based Vinimaya, an eProcurement and supplier management solution provider, announced that it has changed its name to Aquiire, Inc., following changes in the company’s leadership within and vision for the B2B commerce industry. The name change also follows changes to the company’s legacy offerings of eProcurement, supplier catalogs, and supplier relationship management solutions – notably, a move towards real-time intelligence and responsive interfacing driven largely by Big Data and advances made via artificial intelligence and machine learning.
Zycus Partners with OPTIS Consulting
On February 14, Zycus, the New Jersey-based provider of source-to-pay procurement solutions, announced that it has partnered with OPTIS Consulting, the Vancouver-based procurement consulting company that specializes in business process improvement and systems implementations and integrations. The partnership appears to be a formality as they have partnered before. It also appears to be strategic for both companies, as it grants Zycus further access to the Canadian market while it expands and deepens OPTIS’ ability to implement and integrate Zycus’s solutions for its clients.
Egencia to Launch Expense Management Solution Suite
On February 17, it was reported that Egencia, the business travel arm of Expedia, the popular travel search and booking site, has launched its own suite of business travel and expense (T&E) management solutions. Plans for the solution suite include the ability for users to consolidate and sync their T&E receipts on the platform and then submit them with a single click. The suite will offer an open API platform that will allow enterprises to integrate their own ERP, T&E, and Traveler Risk Management solutions. Finally, Egencia will integrate its own T&E management partner, Traveldoo, onto the platform and provide users with what it describes as an end-to-end offering with booking, fulfillment, and expense.
Apttus Leverages AI to Drive Intelligent Contract Migration
On February 5, Apttus, the California-based provider of quote-to-cash, contract, and supplier management solutions, announced that it has developed an “intelligent” method to drive contract migration. Leveraging a combination of its in-house contract management solution and tools from ABBYY, Apttus Intelligence Import automatically imports contacts – paper or digital – into Apttus’ own contract repository. It employs optical character recognition (OCR) to scan and recognize contract documents of multiple formats and convert them into machine-readable text. From there, it classifies the document and text, segments them into clauses and other components, extracts particular pieces of language or keywords, validates proper segmentation and extraction, and exports the data points to Apttus Contract Management.
The result is a system that leverages intelligent systems to migrate, convert, extract, and export all of the salient points of all of an enterprise’s contracts, thereby decreasing the manpower and level of effort needed to search and analyze hundreds, thousands, or hundreds of thousands of contracts and related documents and decrease time-to-decision. Ultimately, Apttus Intelligence Contract Migration seeks to increase the agility, accuracy, and responsiveness of contract, legal, and procurement teams.