LONDON (Alliance News) - Software firm Kape Technologies PLC said Tuesday its profit and revenue expanded amid a "strong" performance.
In 2018, pretax profit more than doubled to USD3.3 million from USD1.3 million the year prior. This was after revenue rose 3.0% to USD52.1 million from USD50.6 million the year before.
"2018 was a strong year for Kape, as evidenced by our EBITDA growth for the year," Kape Chief Executive Officer Ido Erlichman said.
Adjusted earnings before interest, taxes, depreciation and amortisation widened 28% to USD10.4 million from USD8.1 million the year before.
"We have also made substantial progress in transitioning to a pure SaaS-based model, with USD30 million in revenues expected to be generated from existing users in future periods, providing a solid platform for sustainable future growth," Erlichman continued.
In 2018, software-as-a-service revenue increased to 53% of total revenue. This is compared to just 19% the year before.
Kape does not pay a dividend.
"Our M&A activity has also gathered momentum, with the integration of the two businesses that we acquired in 2018 completed ahead of schedule," Erlichman added. "This, coupled with our focus on product development, will enable us to further broaden and deepen our presence in the digital privacy and security sectors."
In July, Kape acquired cybersecurity firm Neutral Holdings Ltd - trading as Intego - for USD16.0 million. In October, the firm then bought virtual private network provider ZenGuard GmbH for USD5.6 million.
Shares in Kape were 4.8% lower at 96.11 pence on Tuesday.
