It’s been about 18 months since Cheshire-based SaaS eProcurement software developer, Wax Digital (no, don’t ask) came under the wing of backers August Equity (see August Equity waxes lyrical over Wax Digital) and business is looking rather good.
Results for the prior FY (to 30th June 2016) are just out, and reveal 19% revenue growth to £5.6m, coupled with a 52% operating profit boost which lifted operating margins by nearly three points to 12.9%. This, along with higher cash conversion, increased end-of-year cash in the bank by almost £1m. International expansion continued, with non-UK revenues now accounting for 25% of the total, up from single figures.
I met up with founding CEO, Paull Ellis, earlier this year and was impressed with the story. Wax Digital’s ‘USP’ is a highly modular source-to-pay integration platform which also connects to third-party products. Sales are mainly direct, but international deals are sold by a growing network of partners.
With just a couple of months before the close of the current FY, Ellis tells me that the business is growing at a similar pace to last year. Sounds like August made a canny investment.
Posted by Anthony Miller at '08:06'
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