Just two months after it was acquired, NGage Technology Group has brought in $15 million in new orders, according to new parent company Cirrus Networks.
The former CRN Fast50 No.1 was acquired by Cirrus for $2.5 million in April, helping the Perth-based IT solutions provider expand its footprint into Melbourne. In the year before it was acquired, NGage generated $27.7 million in revenue in the 2016 financial year.
The new contracts for NGage include a "significant order" from an Australian financial institution, and two small managed service annuity contracts announced last month. Cirrus said it has also won a tender for infrastructure and services with an unnamed national energy stakeholder worth in excess of $500,000 around data management technologies.
Cirrus said in a statement that the recent wins highlighted the value of the company's geographic expansion through the acquisition. The company expects to record revenues in excess of $50 million for the 2017 financial year, up from $19.5 million last year, which would be upwards of a 150 percent increase.
“I am very proud of the growth the business has been able to achieve in its short history and congratulate every staff member for their contribution to that success," said managing director Matt Sullivan.
"We are delighted to be able to continue to execute on our top line growth strategy for FY17 with a number of significant contract wins with blue chip clients which highlights the success of our focus on high quality staff delivering innovative value add solutions to high quality clients.
"While FY18 is expected to deliver continued significant revenue growth, the executive will have an increased focus on margin and NPAT growth as a driver to enhanced shareholder returns.”
Founder and executive director Frank Richmond left Cirrus last month to return to the UK, transitioning into a non-executive director role.