Hubwoo announces Q2 2015 Revenues

PARIS, July 27, 2015 /PRNewswire/ -- Hubwoo (Euronext: HBW.NX), a leading provider of comprehensive spend management and business process collaboration solutions , today announced financial information for Q2 2015, in accordance with the "European Transparency Obligations Directive" financial disclosure requirements.

Gregory A. Mark, Hubwoo Chairman and CEO commented: "Although the decline in revenue is disappointing, it is predictable and therefore we can plan for it as we transition away from legacy technologies and relationships. We continue to focus on the standalone core business of Hubwoo as we strive towards offering our customers, and the market in general, innovative ways to achieve higher levels of spend compliance and business process automation."   

Revenues:

Q2 2015 total revenue was EUR 6.2 million, showing a 10% decline in comparison to Q2 2014. The recurring SaaS component of revenue was EUR 5.2 million, down from the same quarter of 2014 as a consequence of the end of customer contracts relating to the technology transition that the company has been experiencing over the last eight quarters. The evolution of Services revenues on sequential quarters (Q1 to Q2 2015) shows a decline of 25%, essentially due to the end of the first phase of the implementation of a major new customer. While the first phase of this implementation was successful, the second wave will commence later in the fiscal year.

About Hubwoo (www.hubwoo.com)

Hubwoo connects companies, providing comprehensive spend management and business process collaboration for both goods AND services in the cloud through The Business Network.

Our solutions integrate with any ERP or procurement system, providing our customers with an intuitive, one-stop purchasing experience, which drives adoption, compliance and savings.

Significant customers include BASF, Honeywell, Shell, Evonik, Nokia, Nationwide, Michelin, Henkel, Statoil, CONSOL Energy, Campbell's, Burton's Foods, and The Dow Chemical Company.  Hubwoo's global partnerships include SAP, Microsoft, IBM, and Dun & Bradstreet. 

Hubwoo has major operations in Paris, Houston, Chicago, Bonn, London, Manila, and Leuven.  Hubwoo is listed in Compartment C on the Euronext Paris Eurolist.

ISIN: FR0004052561, Euronext: HBW, Reuters: HBWO.PA, Bloomberg: HBW:FP

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SOURCE Hubwoo