Company Files First Consolidated Quarterly Report After Executing Growth-by-Acquisition Strategy
SANTA BARBARA, CA–(Marketwired – February 12, 2016) – CloudCommerce, Inc. (CLWD), a provider of advanced e-commerce services to leading brands, announced the filing of its first quarterly report after the recent acquisition of Indaba Group, with consolidated revenue showing dramatic improvement over the previous year-over-year quarter.
For the quarter ended December 31, 2015, revenue was $778,075, an increase of 524% compared to the quarter ended December 31, 2014, which was $126,203. The bulk of the increase came from the Company’s wholly-owned subsidiary, Indaba Group, based in Denver, CO, which began to contribute revenue after theacquisition closed on October 1, 2015.
“Our Indaba Group acquisition contributed significant top line revenue to the Company, and we’re very pleased with these results,” said Andrew Van Noy, CloudCommerce’s CEO. “The e-commerce industry is experiencing tremendous growth right now and we are excited to be a part of it. For the first time in history, Black Friday 2015 had more online sales than traditional retail sales in malls and stores. The battle for customers, revenues and profits has forever moved online. Our plan is to aggressively increase our internal growth, as well as acquire other profitable e-commerce service providers to capture market share and become a dominant player in the industry.”
E-commerce has been reported to be one of the fastest-growing industries in the world. According to market research firm eMarketer, global consumers will spend $1.672 trillion online this year, and by 2019, online purchases are projected to more than double to $3.551 trillion, which will include roughly 12.4% of overall retail sales. CloudCommerce has previously announced its plans to grow by making acquisitions similar to its purchase of Indaba Group that will prove to be highly accretive to both top- and bottom-line financial results. The strategy mirrors that used by many other successful information technology firms, such as PFSweb Inc., Perficient Inc., and Cognizant Technology Solutions Corporation.
For our full financial results for the quarter ended December 31, 2015, please see our Form 10-Q filed with the SEC on February 11, 2016.
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CloudCommerce, Inc. (CLWD) provides advanced e-commerce services to leading brands. Our customers depend on us to help them compete effectively in the $1.6 trillion worldwide e-commerce market. Our comprehensive services include: (1) development of highly customized and sophisticated online stores, (2) real-time integration to other business systems, (3) digital marketing and data analytics, (4) complete and secure site management, and (5) integration to physical stores. Our goal is to become the industry leader by rapidly increasing the number of customers who regularly depend on us and by acquiring other rapidly growing e-commerce service providers. To learn more about CloudCommerce, please visit www.cloudcommerce.com.
Matters discussed in this shareholder letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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