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Cytiva Shows a 98% Increase in Year Over Year Sales Contract Value for the Third Quarter
(Marketwire Via Acquire Media NewsEdge) VANCOUVER, BC, October 7 / MARKET WIRE/ --
Cytiva Software Inc. (TSX-V: CRX), a leading
provider of on-demand talent management software solutions, announced today
that the Company signed over $1,600,000 CDN of new contracted business for
the quarter ended September 30, 2008. The total represents a 98% increase
over the same period last year and marks the company's highest 3rd quarter
sales contract value in its history. In addition to new contracted sales,
Cytiva achieved 94% renewal revenue.
New contracted business will be reflected in the Company's third quarter
financial statements beginning October 1, 2008. Of the new contracted
business, 36% will be recognized over the next 12 months, 30% in the
subsequent 24 months with the remaining 34% being recognized over the
subsequent 36-60 months.
"We are happy to have achieved our highest 3rd quarter sales number in
Cytiva history," said Jason Moreau, CEO of Cytiva Software. "Though we are
vigilant about potential future weaknesses due to economic conditions, we
believe that our Software as a Service model remains an attractive option
for companies that need to increase efficiency without the up-front cost of
perpetual enterprise software licenses."
Third quarter highlights include:
-- 11 new SonicRecruit customers
-- 2 new one45 customers
-- 2 new SonicPerform customers
-- 98% year over year increase in sales contract value
-- 17th consecutive period of quarter-over-quarter growth
-- SonicRecruit named to the Workforce Magazine Applicant Tracking System
Hotlist
-- Released case study detailing client, Ocean Spray's success with
SonicRecruit
About Cytiva Software Inc.
Cytiva Software Inc. (TSX-V: CRX) provides innovative on-demand talent
management software and services to mid-sized and Fortune 500 companies.
Its flagship talent acquisition product, SonicRecruit, allows corporations
to screen applicants, automate recruiting departments, customize corporate
career sites and hire great people. This premier applicant tracking system
improves recruiting effectiveness, speeding up the hiring process and
reducing cost per hire. Cytiva's SonicPerform employee performance
management system automates employee evaluations, aligns employees around
key goals and encourages year round feedback. For more information, visit
http://www.sonicrecruit.com.
The TSX has not reviewed and does not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared by
management.
Forward-looking Statements: This news release contains forward-looking
statements related to the future financial condition and results of
operations of Cytiva. These statements are based on current expectations
and estimates about the human resources markets in which Cytiva operates
and management's beliefs and assumptions regarding these markets. These
statements are subject to important risks and uncertainties which are
difficult to predict and assumptions which may prove to be inaccurate. Some
of the factors which could cause results or events to differ materially
from current expectations include but are not limited to: general economic
conditions, market or business conditions; changing competitive
environment; changing regulatory conditions or requirements; changing
technology; and success in implementing productivity initiatives. Some of
these factors are largely beyond the control of Cytiva. Should any factor
impact Cytiva in an unexpected manner, or should assumptions underlying the
forward-looking statements prove incorrect, the actual results or events
may differ materially from the results or events predicted. All of the
forward-looking statements made in this document are qualified by these
cautionary statements, and there can be no assurance that the results or
developments anticipated by Cytiva will be realized or, even if
substantially realized, that they will have the expected consequences for
Cytiva. Readers should not place undue reliance on any forward-looking
statements. Further, Cytiva disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events, or any other occurrence.
Distributed by Filing Services Canada and retransmitted by Marketwire
CONTACT:
Ian AlexanderEmail Contact
510-984-1986
Copyright ? 2008 Marketwire
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