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