ABAX Q3 Revenue Results and First Acquisition
Larvik, Norway – October 5th 2020 – Abax Group AS has released its revenue result for the third quarter of fiscal year 2020, along with high level internal metrics, and details of their first acquisition since raising the Nordic Bond in June 2020.
Third Quarter Highlights
Revenue grew organically by 5 % from Q3 2019 to Q3 in 2020 and a combined growth of 16% for the same time period.
Number of subscriptions grew from 254,980 to 278,708 by the end of Q3 2020. Representing a 14% increase from Q3 2019.
“We have added our first acquisition, since our Nordic Bond raise in June 2020. Adding RAM Track and Trace to the Abax family and strengthening our customer commitment in the Netherlands and Belgium, adding 19,600 subscriptions to our portfolio.”
“The Abax connectivity solution is proving an important asset for our customers, giving them the ability to maintain operational control and efficiency through times of uncertainty. Though Q3 saw Covid come back in wave 2 during the quarter, the effects on the Abax subscription model were negligible, through Q3, showing the resilience of our business. “
– Morten Strand CEO
Full results for Q3 - 2020, will be published on Friday the 30th of October 2020.
For additional information, please contact:
David Norton, Chief Financial Officer
Mobile: +47 907 05 812