During the quarter, Quisitive acquired Dynamics medical reseller Mazik and payments company BankCard USA to its properties. And it also experienced the rise in cloud revenue that has buoyed much of the mid-market business in the last year. “The increase in revenue was due to additional cloud solutions provider revenues as more clients accessed cloud services and added on incremental services,” CEO Mike Reinhart said during this week’s earnings webcast. Revenue rose to $12.7 million in the most recently ended quarter, up from $10.9 million a year ago. Quisitive lost $1.9 million, down from a loss of $4.3 million in last year’s corresponding period. A major part of the year-ago loss was the repayment of convertible debentures issued for the purchase of the former Menlo Technologies that caused non-cash mark-to-market losses. Reinhart repeated that in the next quarter, Quisitive will begin reporting results for it business segments—its cloud reselling business and its payments processing business.
Estimated reading time: 0 minutes, 56 seconds
REV GROWTH TOPS BIG QUISITIVE Q1 Featured
Reseller Quisitive sharply reduced its loss and increased its revenue by 16 percent for the first quarter ended March 31. But that was almost anticlimactic after two significant acquisitions and rounds of investments to pay for them.