Intouch Insight’s revenues fell 22 per cent in the second quarter compared with a year earlier as the company continued to feel the loss of a one-time contract that was not renewed. The Ottawa firm, which specializes in customer survey and data collection software, reported revenue of $5.7 million for the three-month period ending June […]
Intouch Insight’s revenues fell 22 per cent in the second quarter compared with a year earlier as the company continued to feel the loss of a one-time contract that was not renewed.
The Ottawa firm, which specializes in customer survey and data collection software, reported revenue of $5.7 million for the three-month period ending June 30, down from $7.3 million in the same quarter in 2022.
While software-as-a-service revenue from subscription fees rose 16 per cent year-over-year and recurring services revenue remained relatively steady at $4.7 million, Insight’s non-recurring revenues plummeted 94 per cent to just under $94,000.
The company posted net income of $304,484, compared with a profit of $591,265 in the second quarter of 2022.
“We are pleased to have surpassed our pre-pandemic revenues, grown our SaaS business, and improved our margins,” CEO Cameron Watt said in a statement. “As we continue to grow our revenues, we will closely monitor our costs to ensure we are spending wisely and are ready to react to both positive and negative pressures.”
Watt also said the firm’s previously announced deal to acquire a North America-based customer experience measurement company is slated to close on Oct. 1.
Intouch said the organization, which it is refusing to name until the transaction is finalized, generates annual revenues of about US$5 million and has an EBITDA margin of around 15 per cent.
“We are excited to onboard the strong and committed workforce and fantastic client programs that the previously announced acquisition will bring,” Watt said.
“Ultimately this will provide another group of clients to whom we will be able to cross-sell our software offering, which has been steadily growing every year even throughout the pandemic.” 
