In perhaps its final report as a public company, Ottawa-based communications firm Mitel saw its third-quarter revenues jump following an acquisition of its own last year.
Mitel (TSX:MNW)(NASDAQ:MITL) reported revenues of $309.6 million for the quarter ending Sept. 30, an increase of roughly 28 per cent from last year. (All figures in USD.)
The revenue increase was driven by last year’s acquisition of ShoreTel, which accounted for nearly all of the communications firm’s on-site revenue gains and a large portion of its growth in the cloud. Mitel added 46,490 recurring cloud seats in the quarter and currently has 23 per cent more total seats than at the same time in 2017.
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The firm also cut its net loss to $6.7 million from $26.8 million a year ago.
Mitel, which has operated as an independent company from Kanata since its launch 45 years ago, announced this past spring that it would be acquired by California-based Searchlight Capital partners in a deal valued at $2 billion. CEO Rich McBee told OBJ then that the company’s attempts to balance its declining on-premise solutions vertical with a growing cloud-based segment were not conducive to public markets, where the firm is expected to “optimize for that 90-day report card.”
This past July, Mitel shareholders voted overwhelmingly to approve the deal, which is expected to close before the end of the year.
