Buoyed by a major acquisition and a resurgent economy, Ottawa software company Intouch Insight appears to be coming out of its pandemic-fuelled sales slump.
Intouch (TSX-V:INX), which makes software that helps clients track customer satisfaction as well as collect data on issues such as employee health and safety concerns, generated revenue of $16 million for the fiscal year ending Dec. 31, 2021. That’s up 25 cent over the $12.8 million in revenue the company posted in 2020.
The market appeared to react favorably to the results. Intouch shares gained more than 20 per cent Friday, rising to 55 cents on the TSX Venture Exchange.
In financial statements released Thursday, the firm attributed the jump in sales to the global economy’s ongoing recovery from the effects of the COVID-19 crisis as well as its acquisition last fall of Georgia-based SeeLevel HX, which provides mystery shopping and audit services.
Intouch posted a net loss of about $315,000 last year, up from a loss of $6,900 in 2020. The company said the higher losses were due to the increased value of the contingent liability related to the SeeLevel acquisition as the 2022 revenue outlook improved.
“We are pleased with the renewed trajectory of the business both in terms of revenue and technological capabilities and overall financial health,” CEO Cameron Watt said in a statement.
The company is projecting revenues of more than $22.5 million in 2022 as it looks to build on the SeeLevel acquisition, boost its sales pipeline and secure new contracts from existing clients.