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Highlights
- In the September 2022 quarter, the software revenue of ActivePort surged by 49.6%.
- Openlearning Ltd secured a strategic investment of about AU$1.1 million from the Education Centre of Australia.
- Readytech Holdings' like-for-like revenue demonstrated 16.8% year-on-year growth to AU$78.3 million in the September quarter.
S&P/ASX 200 Information Technology is the benchmark of the ASX's information technology sector and subindustries. The index has gained nearly 0.07% this month and about 5.46% this quarter (as of 21 Nov 2022).
On that note, we at Kalkine Media® discuss some ASX-listed stocks related to software and IT services that have gained traction this quarter.
ActivePort Group Ltd (ASX:ATV)
ActivePort welcomed FY23 on a good note, with software revenue topping expectations for the September quarter and good growth in Group revenue, highlights the company’s Q1FY23 report.
- Software revenue surged by 49.6% from AU$490K in Q4FY22 to AU$733K in Q1FY23.
- The latest release of ActivePort's software was introduced to the market.
- Group revenue rose by 13.9% from AU$3.441 million in Q4FY22 to AU$3.920 million in Q1FY23.
The company continued to develop the foundations of its telecommunications customer business with six new international telco deployments in Q1FY23.
The company is making progress on its strategy of clocking in high-margin software revenue, raising the proportion of Group revenue comprising software revenue, and growing on a global basis.
The company updated that the period saw its highest global growth with novel system deployments in six countries and support for international customers in a further sixteen countries.
ActivePort has a funding arrangement with FundSquire Pty Ltd, a global growth-funding specialist that invests in innovative projects. During the September quarter, it received AU$1.691 million from FundSquire against a total R&D submission of AU$2.4 million due in Q2.
Openlearning Ltd (ASX:OLL)
Openlearning is an educational technology company providing a social online learning platform with a plethora of courses and online degrees.
The key activities of the company for the September 2022 quarter are as follows:
- The company's shift to usage-based pricing resulted in a year-on-year (YoY) surge of 19% in its platform Software-as-a-Service (SaaS) annual recurring revenue (ARR), which grew to AU$1.69 million.
- The average ARR per customer grew by 5% to AU$6,914.
- Total enrolments went up by 0.141 million to stand at a total of 5.567 million. Total unique users surged by 0.052 million to 3.319 million.
After the quarter, the company secured a strategic investment of about AU$1.1 million from the Education Centre of Australia (ECA).
ReadyTech Holdings Ltd (ASX:RDY)
ReadyTech is a provider of online training software to different sectors such as employment services, education, government, workforce management, and justice.
Some of the highlights from ReadyTech’s annual general meeting presentation, published on the ASX in mid-November 2022, are as follows:
- In FY22, the company's like-for-like revenue demonstrated YoY growth of 16.8% to AU$78.3 million.
- Its net customer revenue retention was 106% and recurring revenue was 84%.
- The company's new acquisitions during the reported period were AVAXA, Open Windows, and PhoenixHRIS, which contributed AU$4.3 million of revenue.
