Claranova - Growth strategy paying off
Claranova has reported another strong quarter, with organic constant currency revenue growth of 33% y-o-y in Q319, maintaining the same rate of growth as in H119. Geographic and product expansion are driving PlanetArt growth, while the recent acquisitions by Avanquest have reinvigorated the division. We have revised our revenue forecasts up to reflect stronger than expected growth, although this has a minimal impact at the EBITDA level.Avanquest Software and its subsidiaries are engaged in manufacturing and distributing of communication software. Co. markets its communication software through Original Equipment Manufacturer (OEM) agreements signed with international modem, computer and cellular phone vendors. Co. also sells its communication software "in shops" through a network of Resellers and, currently, on its Web sites. In addition to the software, Co. provides customers with the software medium (floppy disks or CD-ROM), and an electronics User Guide and online help, included with the product. Co.'s Customer Service department can also provide clients with technical assistance for its products.
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