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While tech stocks at the global level have seen a fluctuating trend lately, the scenario at the domestic front has been no different. Below are 2 IT sector stocks which have gained some attention with new deals but are still sailing in different boats when it comes to price movements.
Buddy Platform Ltd (ASX:BUD)
Buddy Platform Ltd (ASX:BUD) is a leader in IoT and cloud-based solutions for making spaces smarter and it is involved in the process of providing simple, affordable and engaging solutions for its customers. On 28 November 2018, the company announced that it has signed a new Statement of Work under its existing Master Services Agreement with Airstream, Inc to extend its relationship with Airstream. It is expected that this new Statement of Work will provide for the deployment of Buddy Cloud technology into new Airstream vehicle lines. It will also provide for updates and new features in existing Airstream vehicles. Following the release of this news, the share price of the company fell by 4.762 percent as on 28 November 2018.
In the September quarter, the company reported customer revenues of A$884k for the quarter reflecting an increase of 16 percent over the June quarter (Q4FY18) and 117% over the same period in the prior year. The company also reported total customer cash receipts of A$1.2 million for the September quarter reflecting an increase of 311% over the June quarter and 186% over the same period in the prior year.
In the last six months, the share price of the company decreased by 16.00 percent as on 27 November 2018. BUDâs shares traded at 0.100 with a market capitalization of circa $112.57 million as on 28 November 2018.
Infomedia Ltd (ASX:IFM)
Leading Global provider of SaaS solutions, Infomedia Ltd (ASX:IFM) recently announced that it has entered into an agreement for the acquisition of automotive data solutions company Nidasu. This acquisition will complement the Infomediaâs existing core business and it will also help the company to access new customers and leverage Infomediaâs data business globally.
Infomedia reported revenue of $72.9 million in FY 2018, which is an increase of 3.5% on the previous year. Companyâs Net profit after tax (NPAT) was $12.9 million, which is 7.9% higher the prior period (FY17: $11.9 million), reflecting stronger growth in the second half and disciplined cost management. Net current assets at 30 June 2018 were $11.5 million (FY17: $13.5 million) including cash and cash equivalents of $13.3 million (FY17: $13.3 million). Infomedia expects its growth trajectory to continue to improve in the 2019 financial year (FY19) with the full benefit of recurring revenue from contracts won.
During FY 2018, the company saw investment in both executive upskilling and the appointment of new regional heads of sales in both the Americas and Asia Pacific region. The company is seeking to acquire assets that could complement the companyâs core and accelerate growth.
In the last six months, the share price of the company increased by 25.97 percent as on 27 November 2018. IFMâs shares traded at $1.165 (up 2.2%) with a market capitalization of $354.78 million as on 28 November 2018.
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