Rand Capital Portfolio Company, Knoa Software, Achieves Record Cloud Revenue in 2017
February 06 2018 - 9:27AM
Business Wire
- Increased cloud-based revenue by
more than five times and nearly doubled on-premise revenue
- Knoa’s proprietary software used in
multiple successful migrations to SAP S/4HANA® and
SAP Fiori®
Rand Capital Corporation (NASDAQ: RAND) (“Rand”), a venture
capital company which invests in growth businesses with unique
product, service or technology concepts, reported that one of its
portfolio companies, Knoa Software, Inc., announced that it
achieved record Cloud revenue in 2017. Specifically, the company
increased its cloud-based subscription service revenue by more than
five times and also nearly doubled its perpetual license revenue,
compared with 2016. Knoa Software is a leading provider of user
experience management (“UEM”) software. The 2017 revenue growth was
driven by a record number of new customers in the Asia-Pacific
market, the newest region to begin adopting its UEM software.
Furthermore, Knoa’s flagship UEM software, which is resold by SAP
as SAP®UEM by Knoa, was used to facilitate several major customer
migration projects to SAP S/4HANA® and SAP Fiori®.
“Our business is growing rapidly because organizations are
realizing the value of user analytics throughout every stage of an
IT project and in improving operational efficiencies,” said Brian
Berns, CEO, Knoa Software. “In 2017, the ROI of the SAP UEM
application was proven in several successful customer migration
projects, including one of the largest yet – a migration to SAP
S/4HANA involving 300,000 SAP users. We are also seeing good
momentum with system integrators, who are beginning to incorporate
user analytics in their implementation methodology, as a must-have
component.”
Allen F. (“Pete”) Grum, President and Chief Executive Officer of
Rand Capital, commented, “Knoa introduced an updated version of its
UEM in early 2017. This product was embraced by its clients as they
sought a cloud-based approach to UEM. The reported revenue
milestone is an exciting testament to the benefits of the
product.”
ABOUT KNOA SOFTWARE
Knoa Software delivers on-premise and cloud solutions that
generate unique insights for the optimization of the end-user
experience for solutions from vendors including SAP, Oracle and
others. Knoa's patented software provides CIOs and business
executives the actionable metrics needed to help ensure
organizations and end-users realize the full value of their
enterprise application investment. Headquartered overlooking Union
Square in New York City, Knoa provides solutions that help hundreds
of global corporations and government organizations make impactful,
real-time, fact-based decisions that enrich and maximize the
experience for over a million end users. For further information,
visit www.knoa.com or follow us at @knoasoftware on
Twitter.
ABOUT RAND CAPITAL
Rand Capital (NASDAQ: RAND) provides investors the ability to
participate in venture capital opportunities through an investment
in the Company’s stock. Rand is a Business Development Company
(BDC), and its first wholly-owned subsidiary is licensed by the
U.S. Small Business Administration (SBA) as a Small Business
Investment Company (SBIC). Rand focuses its equity investments in
early or expansion stage companies and generally lends to more
mature companies. Rand looks for strong leadership who is bringing
to market new or unique products, technologies or services that
have a high potential for growth. Additional information can be
found at the Company’s website where it regularly posts
information: http://www.randcapital.com/.
Safe Harbor Statement
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
concerning receiving a new SBIC license and funding, future net
asset value growth, investment returns and opportunities as well as
Rand’s plans for utilizing proceeds from sales of portfolio
companies when and if received. These statements involve known and
unknown risks, uncertainties and other factors that could cause the
actual results to differ materially from the results expressed or
implied by such statements, including general economic and business
conditions, conditions affecting the portfolio companies’ markets,
competitor responses, and market acceptance of their products and
services and other factors disclosed in the Corporation’s periodic
reports filed with the Securities and Exchange Commission.
Consequently, such forward-looking statements should be regarded as
the Corporation’s current plans, estimates and beliefs. The
Corporation assumes no obligation to update the forward-looking
information contained in this release.
SAP, SAP S/4HANA, SAP Fiori and other SAP products and services
mentioned herein as well as their respective logos are trademarks
or registered trademarks of SAP SE (or an SAP affiliate company) in
Germany and other countries. See
http://www.sap.com/corporate-en/legal/copyright/index.epx for
additional trademark information and notices. All other product and
service names mentioned are the trademarks of their respective
companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20180206005845/en/
Company:Rand CapitalAllen F. ("Pete") GrumPresident and
CEOPhone: 716-853-0802pgrum@randcapital.comorInvestors:Kei
Advisors LLCDeborah K. Pawlowski / Karen L. HowardPhone:
716-843-3908 / 716-843-3942dpawlowski@keiadvisors.com
/ khoward@keiadvisors.com
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