The movement of the clouds has Prophecy shooting for the stars

The shift to a software-as-a-service model, as more global companies look to migrate their services to the cloud, is starting to pay off for South Australian listed company Prophecy International Holdings.

The Adelaide-based company with offices in Sydney, Manila, Denver and London has 87 employees and a market capitalization of approximately $ 38 million.

Its two main products, eMite and Snare, both ended FY20-21 strong and have a combined sales pipeline of more than $ 40 million for FY21-22.

EMite software is designed to help call centers correlate and analyze data across multiple channels.

It achieved record new sales of $ 3.7 million in 20-21, including $ 1.7 million in the June quarter and has an estimated sales pipeline of $ 16 million for the fiscal year. 22.

Airbnb and Johnson & Johnson have seen significant recent customer gains.

Prophecy CEO Brad Thomas said strong global relationships with companies such as Genesys and Amazon Web Services have resulted in eMite’s record revenues.

He said that eMite has been operating under a SaaS model since 2018-19 and that this has been the key to its popularity with new customers.

“They don’t want to invest in acquiring software, they want a service that they can turn on or off, scale up or down, and they want the ease of getting it as a service so they don’t have to. set up their own infrastructure – they want to offload that to companies like us, ”Thomas said.

“Contact centers and call centers are becoming more and more complex as customers implement not only voice calls, but also emails, various chats, bots, social media messages , so that they become what’s called omnichannel and all contact through any channel goes through that contact center.

“Typically, contact center employees have access to multiple systems, not just the phone system, as well as back-end systems like Salesforce or Service Now. very complex analysis in real time as well as obtaining historical trends.

Prophecy sells software in over 40 countries with approximately 70 percent of all sales in the United States.

She started as an accounting software developer in the early 1980s and built a number of products over the years before starting to acquire businesses.

In 2011, the company acquired a company called the Intersect Alliance and its cybersecurity product Snare and in 2015, it acquired eMite, which are now the two main products of the company.

“Everyone else is really at the end of their natural life or really didn’t have too much growth potential and we divested all of these other businesses around 2016-17,” Thomas said.

While snare sales did not hit the all-time high of $ 6.83 for FY20-21 in FY20-21, they ended strong in the June quarter and have a sales pipeline estimated for 21-22 in excess of $ 25 million.

In a statement to ASX last month, the company said Snare’s sales result was due to fewer decisions in the government sector in the United States during the transition of the new administration and the COVID-19 pandemic. .

“Europe has been very problematic over the past fiscal year to move business forward and we have also had significant disruption in our government operations in the United States with the arrival of the new administration which has slowed down.” Thomas said. Daily.

“We already have 4,000 customers worldwide with Snare, including some of the major banks and financials, oil and gas, retail, healthcare, and government and military defense.”

“But we’ve certainly seen some disruption over the last 18 months, because people really had so much uncertainty and they weren’t really making decisions, but I think they’ve now realized that we just need to focus on the business and work from start to finish. the limits COVID places on us in the world. “

Prophecy won the Technology and Innovation category at the Business SA 2019 Export Awards.

Thomas said the addition of very large customers in the second half of the fiscal year had boosted Prophecy’s bottom line as more companies looked to move their contact centers off-site and into the cloud.

“Particularly on the eMite side, we are following a multi-year trend of customers migrating to the cloud from legacy on-premises systems – they are looking for the best op-ex model, they are looking for more flexibility in a world of remote control and workers. at home and it’s much easier to do it in a cloud-based solution, ”he said.

“It was before COVID anyway and we only see a continuing trend of people moving their contact centers offsite to the cloud and this is something that is going to continue for the next five or 10 years. at least.”

Prophecy International Holdings was ranked 95 in InDaily’s 2020 South Australian Business Index of the State’s Top 100 Companies.

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