Infor rides the cloud computing wave
Infor is successfully transitioning to a cloud business model, according to the company's Q3 financial results. For the third quarter of its fiscal 2016, ended January 31, total revenues increased 7% in constant currency compared to Q3 in fiscal 2015, with software licence fees and subscriptions revenues up 27% in constant currency over the same period.
Non-GAAP total revenues increased 7% in constant currency compared to Q3 in fiscal 2015, with non-GAAP software licence fees and subscriptions revenues up 32% in constant currency over the same period. Infor also experienced strong growth for Infor Consulting Services (ICS). Infor added more than 600 new customers in the quarter.
"Q3 was another strong quarter for Infor with ongoing growth in our business as we continue to set the standard for successfully transitioning to a cloud business model," says Charles Phillips, Infor CEO.
"Infor's investments in product, brand building, consulting services enablement, and salesforce coverage continue to pay off as reflected in our new sales deal pipeline which, propelled by SaaS, is at the highest levels in company history as we enter our fourth quarter," he says.
The retail and healthcare verticals each continue to grow with strong performance in the quarter supported by high SaaS bookings growth in Financial Services and GT Nexus, which saw the best performance in SaaS bookings in its history this quarter, the first full quarter after GT Nexus was acquired by Infor in September 2015.
Infor also announced a $25 million investment in retail analytics provider Predictix in Q3, continuing the company's push to deliver much-needed innovation to an industry facing continued disruption.
As part of the agreement, Infor will become a reseller of Predictix, deploying, managing and supporting the applications in the Infor cloud, and will infuse Predictix into development of Infor CloudSuite Retail, a new suite of enterprise applications delivered in the cloud and designed for retail businesses.
