Ottawa software firm Intouch Insight is the latest local tech company to warn it’s facing a sales slowdown amid ongoing economic uncertainty, saying it’s “disappointed” by slowing growth in the U.S. economy so far in 2024. Intouch, which specializes in customer survey and data collection software for major retailers and other clients, brought in $7.4 […]
Ottawa software firm Intouch Insight is the latest local tech company to warn it’s facing a sales slowdown amid ongoing economic uncertainty, saying it’s “disappointed” by slowing growth in the U.S. economy so far in 2024.
Intouch, which specializes in customer survey and data collection software for major retailers and other clients, brought in $7.4 million in revenues for the quarter ended June 30.
While that marks a 29 per cent increase over the same period a year ago, Intouch predicted earlier this year its revenues would rise as much as 40 per cent in 2024 thanks to a series of acquisitions that have expanded its footprint south of the border.
However, president and CEO Cameron Watt tempered those expectations in a news release Thursday announcing the company’s second-quarter financial results.
Watt said that Intouch continues to “make advancements toward industry leadership” in markets such as convenience stores and quick-serve restaurants.
But he also added a note of caution about the firm’s outlook for the rest of 2024.
“While we have been invited to participate in more proposals than ever before, we continue to be disappointed by the slowing pace of the U.S. economy, causing some new account revenue to be pushed out to 2025,” Watt said in a news release, adding Intouch still expects to deliver revenue growth as well as “improved gross margin percentages” in the second half of the year.
“We remain committed to remaining cash flow positive despite short-term economic challenges and expect new account acquisition to accelerate in 2025,” he said.
Intouch turned a profit of $826,000 in the second quarter, up from $304,000 a year earlier.
The company’s shares were down eight cents, or nearly 16 per cent, to 43 cents in early afternoon trading on the TSX Venture Exchange. 
