Intouch Insight’s chief executive believes the market for the firm’s software has hit a “turning point” after the Ottawa-based company reported an uptick in third-quarter revenues compared with the previous year.
Intouch, which specializes in customer survey and data collection software for major retailers and other clients, generated revenues of $5.6 million in the quarter ended Sept. 30, up from $5.4 million a year earlier.
It marked a turnaround from the first two quarters of 2023, which saw Intouch’s sales decline year-over-year as the firm weathered economic headwinds that caused customers to scale back their orders.
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“We believe the growth in (third-quarter) 2023 revenues over the prior year represents a turning point in the underlying economic conditions so many of our clients have been facing,” CEO Cameron Watt said in a statement this week.
Watt also touted Intouch’s recent acquisition of Ohio-based Alta360 Research and its sister firm, Ardent Retail Services.
Founded in 1974, Alta360 specializes in platforms and products that help major retailers, restaurant chains, gas stations, supermarkets and other Fortune 200 clients gather feedback from consumers and intelligence on competitors’ pricing and services.
Meanwhile, Ardent Retail Services is a new venture that provides signage, maintenance services, inventory management and other offerings to big-box chains in the U.S.
“The Alta revenues will bolster existing recurring services revenues, and Ardent is expected to bring significant revenue opportunities through new business segments with our existing clients,” Watt said.
“These opportunities, combined with our increased investments in sales and marketing, are expected to drive stronger growth as we look forward.”
The firm said the increased selling expenses ate into its bottom line. Intouch reported net income of $175,000 in the third quarter, down from about $367,000 the previous year.
After reaching as high as 80 cents on the TSX Venture Exchange in the spring of 2022, Intouch’s share price had fallen to as low as 32 cents this past summer. However, its shares gained 10 cents this week, rising to 44 cents late Friday afternoon.
After ‘bumpy’ ride so far in 2023, Intouch Insight hoping to turn corner as 2024 approaches
