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CM.com: 76% Core Revenue Growth for CM.com in Q3 2020

Q3 2020 Highlights
  • Core revenue increased by 76% to € 36.7 million, organic core revenue growth was 64%
  • Core gross profit increased by 84% to € 9.1 million, organic core gross profit growth was 40%
  • 93 new FTE added: 49 FTE through the acquisition of CX Company and 44 FTE new hires predominantly in Sales & Marketing
  • Opening of new offices in India and Turkey
  • Global launch of CM.com’s new SaaS proposition Mobile Marketing Cloud
  • Successful capital raise of € 31.8 million primarily to accelerate growth through acquisitions

Jeroen van Glabbeek, CEO CM.com: “In Q3, our steep growth continued as more businesses are discovering new digital ways to communicate and engage with their customers. We are particularly proud that we, together with our partners, have been able to assist the Dutch government by providing the voice solution for Corona test appointments.”

Continued volume and revenue growth
In Q3 2020, total revenue grew by 67% year-on-year to € 38.5 million. Core revenue comprising of the segments CPaaS, Payments, and Platform, grew by 76% to € 36.7 million, implying a 53% YTD (9-months) growth of core revenue to € 91.2 million (YTD 2019: € 59.6 million).

All three core segments contributed to revenue growth with CPaaS and Platform as the main revenue drivers. Core gross margin (including acquisitions) improved to 25% from 24% in Q3 2019, resulting in a core gross profit of € 9.1 million, up 84% year-on-year.

Within CPaaS the number of messages sent continued to increase (41%), while voice minutes growth accelerated (183%) mainly driven by new customers amongst others the Corona test line.

In Q3 2020, we processed € 164 million in Payments, down 3% year-on-year. In Q3 2019 the Dutch Grand Prix boosted our Payments volume, however as this year's event was moved to 2021 no new tickets have been sold for next year. In the third quarter of this year, we saw good overall underlying growth in Payments with our e-commerce customers benefiting from the accelerated shift to online sales due to Covid-19. In Q3 2020, online venue ticket sales were at a structural higher level due to the shift to pre-booked online ticket sales with timeslot selection for amongst others museums, galleries and amusement parks. In total we sold 2.8 million tickets in Q3 2020 (Q3 2019: 0.8 million).

The acquisitions of Global Ticket (consolidated as of March 2020) and CX Company (consolidated as of July 2020) contributed € 2.5 million to revenue growth and € 2.2 million to gross profit growth in Q3 2020. This high margin recurring revenue is recognized under Platform. Organically, core revenue grew by 64% to € 34.2 million.

Strategy roll out and global expansion
We continued to make good progress with the opening of new hubs across the globe. In August we opened our office in Turkey and at the beginning of September we opened our new Indian hub. In Turkey, our new Eurasia hub, the focus will be on our Mobile Service Cloud with a WhatsApp and Chatbot combination. In India, we will be focusing on both the Mobile Marketing Cloud and Mobile Service Cloud solutions including WhatsApp Business Chat. Indian enterprises increasingly recognize how critical mobile communication tools are in order to connect with customers. In India over 400 million people are using WhatsApp on a daily basis, a number that is rapidly growing. [2]

In addition, we built out our team and expanded our sales force to support the global roll out of our Conversational Commerce platform. The total number of FTE increased to 430 FTE as at 30 September 2020, including the new colleagues of CX Company (49 FTE).

Equity capital raise
On 15 September 2020, CM.com successfully raised an additional € 31.8 million through an accelerated bookbuild offering of new shares. The equity offering comprised of 2,120,000 new ordinary shares. The proceeds will be used to fuel our growth strategy, primarily for new acquisitions and for general corporate purposes.

Acquisition of RobinHQ.com
On 12 October 2020 we announced the acquisition of RobinHQ.com, an e-commerce customer service platform provider. The customer contact software of RobinHQ.com will be added to our suite of mobile first conversation commerce solutions, including various advanced AI chatbot functionalities. The transaction was closed on 14 October 2020.

We will continue our global expansion strategy through the opening of new hubs and recruit additional personnel, in particular in the field of Sales & Marketing. Also we will continue to explore potential M&A opportunities.

We expect our revenue mix to further shift towards more high value-added products. And whilst the future impact of Covid-19 on businesses and the economy remains uncertain, we are well-positioned to benefit from the further digitization of our customers.
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CM.com included in MSCI Global Small Cap indexes

CM.com introduceert met RCS de nieuwe generatie SMS in Nederland

CM.com: 76% Core Revenue Growth for CM.com in Q3 2020
Verstreken tijd: 92 dagen
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