ViryaNet Profits In Q1
Westborough-based software maker ViryaNet Ltd. saw its first-quarter revenues jump 38 percent in the first quarter of 2012 while net income climbed well into the black.
The company earned $416,000 in profit during the quarter, compared to a loss of $245,000 during the same quarter a year ago.
The bulk of the $3.2 million in revenues was from service and maintenance, which climbed half a million dollars to $2.6 million, compared to the first quarter of 2011. The company said it was its highest quarterly service revenue number in three years.
License revenues were up – by nearly 150 percent – but still represented a smaller chunk of the business, at $500,000.
Memy Ish-Shalom, president and CEO, said in a statement that ViryaNet entered the year with 25 percent more business booked than the year before. He credited the steep increase in license revenue to partnerships in North America, Eastern Europe and South America.
WBJ Web Partners
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