Update: SaaS growth accelerates to 50%
In a trading update on 15 July, NetDimensions (AIM: NETD, OTCQX: NETDY) said that H114 revenues grew by 40% to $9.1m, which reflects the impact of the significantly expanded sales force. The average deal size continued to strengthen, given the increasing focus on direct sales and the group winning more large multinational customers – these deals typically have more complex services requirements. Consequently, on 17 July the group announced plans to accelerate investment in services. We are conservatively maintaining our forecasts, which imply a more modest 12% growth in H2 over H213. Despite recent de-ratings in its US peers, they continue to trade at significant EV/sales premiums to NETD.
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