CREALOGIX Group - Seeing through the SaaS transition
CREALOGIX is a leading, global, digital banking engagement platform provider. Despite 17% revenue growth, FY19 EBITDA was slightly below our expectations at CHF1.9m as the company moves to a SaaS model faster than expected. The SaaS transition is expected to drag on results until FY21, before delivering a full year of benefit in FY22. We have lowered our forecasts and now anticipate 4% and 5% revenue growth in FY20 and FY21, with EBITDA of CHF2.6m and CHF4.7m respectively. Management also announced a transformation programme to position CREALOGIX for future growth, funded by a convertible bond refinancing (details on page 8) to secure additional headroom for working capital and M&A.Crealogix Holding AG is a Switzerland-based company that, together with its subsidiaries, provides software and hardware products for Electronic Banking (E-Banking), Electronic Payment (E-Payment) and Education in Switzerland and Europe. The Company's E-banking solutions comprise E-banking software and platforms, E-banking security, bank interface and communications, and mobile banking solutions, as well as banking servers and a front-office platform for financial advisory services, among others. Its E-payment solutions include payment software, financial software, manual and automatic document readers, and signing and archiving. The Company's educational solutions consist of E-learning software, E-learning contents and Web-based Training (WBT) production, campus management, and various training platforms. In April 2014, it created two subsidiaries CREALOGIX UK LTD and CREALOGIX PTE. LTD. In August 2014, the Company established an Austrian subsidiary in Vienna.
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