Optiva Inc. reports financial results for the first quarter of 2021

Optiva Inc. reports financial results for the first quarter of 2021

“The heart of our rejuvenated company is and always will be our customers, and we challenge each other to demonstrate this daily not only in our words but in our actions as well. I remain confident that the telecom industry will continue to transition its business model, BSS products and applications to the cloud and that we will be well positioned to capitalize on that transition. We are investing aggressively in providing a seamless, improved pathway to the cloud — whether public, private or hybrid — for both current and future customers alike. We believe we are at the forefront of developing and introducing innovative BSS solutions that optimize service agility within a cloud-native architecture in a way that enables our customers to succeed by helping them grow revenue-generating services all while accelerating business velocity. Customer feedback has been reassuring and enthusiastic so far. And I expect this enthusiasm to grow as Optiva’s value proposition is realized by current and prospective customers in our growing sales pipeline. Optiva’s momentum is growing, and to capitalize on this trend, we are continuing to strengthen and build our in-house R&D and Sales teams,” said John Giere, President and Chief Executive Officer of Optiva. “I am pleased with our Q1 results. We continue to build a solid foundation designed to support consistent, long-term, profitable growth. We are laser focused on running an efficient, optimized business, so we continue to scrutinize costs and implement new and improved operational processes. Our strong Adjusted EBITDA results in the last three quarters are a byproduct of this effort.” Story continues

Balance sheet strengthened by $20 million private placement Adjusted EBITDA of $5.0 million versus loss of $5.3 million in Q1’20, representing the third consecutive quarter of Adjusted EBITDA margin above 25%

TORONTO, May 11, 2021 /CNW/ – Optiva Inc. (“Optiva” or “the Company”) (TSX: OPT), a leading provider of mission-critical, cloud-native revenue management software for the telecommunications industry, today released its first quarter financial results for the three-month period ended March 31, 2021. Net income of $16.7 million compared to $0.8 million in Q1’20. Net Income of $3.7 million excluding impact of warrant valuation compared to net loss of $11.7 million for the same time period last year

As previously announced, Matthew Halligan joined Optiva as Chief Technology Officer. Under Mr. Halligan’s leadership, the Company has eliminated fully its reliance on related parties for R&D expertise and has full control of its engineering and product development functions. Optiva continues to invest in our in-house R&D team, with in-house R&D staff increasing by 16% quarter over quarter. Dean Liming joined Optiva as Global Leader of Managed Services and Support. With this appointment, we continue to intensify our customer focus, enhance our MSS touchpoints and pursue a strategic engagement with our customers for the purpose of strengthening our partnerships as we, our customers and the market overall navigate in the direction of a cloud-based business model. ESW Capital, LLC (“ESW”) sold all of its subordinate voting shares of Optiva in a private sale to OceanLink Management Ltd., EdgePoint Investment Group Inc., Maple Rock Capital Partners and Meson Capital. ESW and the Company also terminated all of the related party agreements between them, and ESW agreed to waive certain provisions of the warrants to acquire subordinate voting shares held directly or indirectly by ESW.

Subsequent to quarter end, the Company strengthened its balance sheet by completing a private placement of subordinate voting shares, resulting in 834,500 shares being issued by the Company at a price of CDN$30.00 per Share for aggregate gross proceeds of approximately $20 million. This will help sustain operational momentum, accelerate product development efforts and build up cash on the balance sheet to pursue acquisition discussions in the future. News Highlights

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