Prophecy International (ASX:PRO) reports increase in sales for both Snare and eMite

• Prophecy International (PRO) has reported an increase in sales over the 2020 financial year for both its Snare and eMite product segments
• Snare brought in 624 new sales contracts with an average value of $10,947, up from an average of $8648 last year
• The Americas accounted for the majority of these new contracts, roughly 77 per cent, with around 9.7 per cent coming from the Asia-Pacific region
• eMite sales grew with 79 new subscriptions, generating a total of $3.03 million compared to $2.67 million in the 2019 financial year
• Total full-year revenue for the company is expected to come in at $14 million, up approximately 15 per cent from last year’s total of $12.1 million
• Prophecy International shares are up 1.39 per cent in midday trade, trading for 73 cents per share

Prophecy International (PRO) has reported an increase in sales over the 2020 financial year for both its Snare and eMite product segments.

The Adelaide-based software company delivers two core products. Snare, a platform of centralised log management and security analytics, assists customers in detecting and managing cyber threats in real-time and maintaining regulatory compliance. It’s other offering, eMite, provides historical analytics platforms, dashboards and orchestration products for contact centres and IT operations.

In the last 12 months, Snare brought in 624 new sales contracts, each worth an average of $10,947. This represents an increase of roughly 26.5 per cent compared to last year’s average sales contract value of $8648. As a result, total new business sales grew from roughly $6 million last year to $6.83 million.

The increase was largely driven by sales to larger accounts, along with a greater engagement across the Snare’s entire suite of products.

In line with previous years, much of the new business came from the Americas — roughly 77 per cent — while Europe, the Middle East and Africa generated 13.3 per cent of new contracts, with the remaining 9.7 per cent coming from the Asia-Pacific region.

Similarly, eMite sales grew with 79 new subscription customers. 59 of these came from its Genesys segment, while 20 came from Amazon Connect. Combined, these subscriptions totalled $3.03 million, up from $2.67 million reported last financial year.

Again, the largest portion of these subscriptions came from the Americas at 55.2 per cent, with 24.8 from the Asia-Pacific region and 20 per cent from Europe, the Middle East and Africa.

All together, Prophecy International’s full-year revenue is expected to total $14 million, representing a 15 per cent increase compared to $12.1 million in revenue last year.

Prophecy International shares are up 1.39 per cent in midday trade, trading for 73 cents per share at 1:12 pm AEST.