TORONTO, Jan. 3, 2018 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot" or the "Company") a full-service information technology provider, today reported that its Prosys business unit generated revenue of approximately US$98 million for the month of December and approximately US$725 million for the year ended December 31, 2017 (on gross billings1 of US$106 million and US$814 million, respectively).
These results are preliminary only and are subject to confirmation and audit. Although revenue for both the month and the fiscal year represents a record for Prosys, the impact on Prosys and overall Company earnings has yet to be determined. Moreover, 2017 consolidated revenue and earnings for the Company as a whole have yet to be finalized and will only be released upon completion of the year-end audit in March 2018.
"We recently realigned the sales leadership team at Prosys to better capture opportunities," said Kevin Shank, Pivot's President and Chief Executive Officer. "We believe these changes will improve our vendor/partner alignment and the productivity of the sales teams covering Prosys territories. Additionally, the changes created management capacity to assist with the ongoing expansion of TeraMach, which is one of Pivot's new growth leaders."
Among the changes made:
- John Little (Pivot's Executive Vice President, Sales) took responsibility for all remaining Prosys sales teams within the South-Central regions and for the expansion of sales and services into new markets within the Central region of the US.
- John Conner (Pivot's Executive Vice President, Sales), who had previously run the South-Central region of Prosys and worked with the TeraMach business unit, is now 100% focused on expanding the Canadian service businesses.
- Ariel Valdes was appointed Professional Services Pre-Sales and Mike Lagana was named Professional Services Delivery Leader for Prosys.
1Gross billings is a non-IFRS term that does not have any standardized meaning prescribed within IFRS and therefore may not be comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS such as revenue.
About Pivot Technology Solutions, Inc.
Pivot is an industry leading information technology services and solutions provider to many of the world's most successful companies, including members of the Fortune 1000, as well as governments and educational institutions. By leveraging its extensive OEM partnerships and its own fulfillment, professional, deployment, workforce and managed services, Pivot supports the IT infrastructure needs of its clients. For more information, visit www.pivotts.com.
Forward Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding the estimated 2017 revenue for the Company's Prosys business unit and the assumptions underlying any of the foregoing. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend", "anticipate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, including the assumption that the estimated revenue of the Prosys business units will be confirmed in the course of the year end audit as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation, the risk that actual revenue will be materially less than estimated. The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE Pivot Technology Solutions, Inc
For further information: David Toews, Interim CFO, Pivot Technology Solutions, Inc., email@example.com; Bill Mitoulas, Pivot Investor Relations, firstname.lastname@example.org, Tel: 416.479.9547