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Martello looks to beef up investment in Microsoft sales channel as Q3 revenues soar 60%

Ottawa Business Journal

Published February 18th, 2021

 

Martello Technologies continued to reap the benefits of its growing Microsoft sales channel last quarter as its revenues rose 60 percent year over year, the company said Thursday.

The Kanata-based software firm (TSX-V:MTLO) posted revenues of $4.63 million for the three-month period ending Dec. 31, up from $2.88 million a year earlier. Monthly recurring revenue – a key metric for a company that sells much of its software on a subscription basis ​– grew 64 percent to $1.49 million.

Martello, which makes products that help customers detect and troubleshoot problems in their high-speed communications networks, gets its income from two main sources: performance-analytics software aimed at Mitel customers and analytics and network monitoring platforms for Microsoft 365 users.

While both segments grew in Q3, the Microsoft channel is clearly emerging as Martello’s star performer. A major reason for that is the firm’s acquisition of Geneva-based GSX Participations last May. GSX – which specializes in managing communications networks for users of Microsoft applications such as Teams and other office products – accounted for more than $1.9 million of Martello’s revenues in Q3, or 41 per cent.

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