Sales contracts higher despite COVID-19 slowdown
Snare and eMite sales increase over last FY
- Full year revenue expected to be approximately $14.0M
- Snare new business sales increase 12.6%
- eMite new business sales increase by 13%
- Annualised value of eMite active contracts now $4.37M in Annual Recurring Revenue (ARR)
- Total new business sales of $9.85M up 12.7% over last year
Prophecy International announced today that despite the challenging global economy in H2 as a result of the COVID-19 Pandemic sales results for the group have been strong and have increased year over year.
Full year total revenues are expected to be approximately $14.0M up from $12.1M last year or growth of approximately 15%.
Snare sales achieved 624 new sales contracts in FY20 with an average value of $10,947. Previous financial year average was $8,648 – a 26.5% increase in average sale size. Total new business sales (excluding renewals) increased from $6.061M to $6.830M.
Sales transaction size was improved due to several MSSP partners selling Snare into larger accounts and gaining a great footprint in those accounts as well as the direct sales team selling the entire product suite more effectively in FY20.
The majority of Snare sales were perpetual license sales that are recognised as revenue at the time of the sale although we have seen an increase in subscription licenses as these are being introduced into the Snare product suite.
The Americas was again the predominant market for Snare sales with 77.0% of new business coming from the US. EMEA contributed 13.3% with APAC contributing the remaining 9.7%.
Our best Snare customers continue to come from large enterprise and government segment including Metlife, Chicago Mercantile Exchange, QBE, Principal Financial, Raytheon and the Metropolitan Police in the UK.
eMite sales continue to be strong and we have experienced good growth in sales into the Amazon Connect customer base.
A total of 79 new subscription customers were added in FY20 with 59 of these coming from Genesys and 20 coming from Amazon Connect. The Genesys average deal size increased to $26,590 up from $18,870 in FY19.
Genesys customers accounted for sales contracts totaling $1.56M in year 1 and based on expected usage the Amazon Connect sales are expected to generate annual revenues of $1.46M when fully deployed.
Combined these sales total $3.03M up from $2.67M last financial year. Although it should be noted that Amazon Connect sales generally do not have committed volumes and are purely usage based.
55.2% of eMite sales came from the Americas, 24.80% from APAC and 20% from EMEA.
Significant sales closed through Genesys included 1800 Flowers, Dyson/AT&T, Edelman Financial and Philip Morris. Amazon Connect customers that bought eMite in the last year included Goldman Sachs, NAB, Telstra, LA Sanitation, Johnson & Johnson and Fidelity Investments.
eMite sales are almost exclusively subscription licenses and revenue is recognized as the service is provided on a monthly basis. This means that some of the sales contracts from last year have not had a full impact on the revenue at a P&L level this year.
Annualised Recurring Revenue (ARR) of current accounts for eMite totals $4.37M (including Amazon Connect accounts based on estimated usage of $1.46M) going into the new year.