Numerex Reports 22 Percent Gain in M2M Subscriber Base
By Jeffrey Hill | October 28, 2011
[Satellite TODAY 10-28-11] Machine-to-machine (M2M) service provider Numerex saw its M2M subscription base grow 22 percent in the 2011 third quarter compared with the same period last year, which led to a 15 percent growth in the company’s recurring revenues, Numerex announced in its latest financial results issued Oct. 27.
Numerex Chairman and CEO Stratton Nicolaides said the company finished the quarter with more than 1.3 million subscriptions that now generate nearly $10 million in quarterly recurring revenues.
“Strong demand from our channel partners for our M2M services, particularly our network and application platforms, was the main catalyst for growth,” Nicolaides said in a statement. “We will continue to concentrate our resources on developing and marketing our ‘network-as-a-service’ and horizontal M2M platforms, in addition to providing our cloud-based ‘software-as-a-service’ that enables M2M application deployment in nearly any vertical market.”
Nicolaides affirmed the company’s 2011 subscription growth guidance range of 20 percent to 25 percent and its projected recurring revenue growth range of 18 percent to 23 percent.
Separately, Numerex confirmed that Tony Holcombe joined Numerex’s Board of Directors in October. Holcombe also serves as vice chairman of mobile interoperability specialist Syniverse.