Cytiva Software Posts Strong Q1 Gains
June 18, 2009 – Cytiva Software Inc., a Canadian-based talent management software vendor, has recorded a 23 percent revenue increase for the first quarter ending March 30, 2009. The company also posted a 78 percent increase in cash flow provided by operations over the same period last year and a 64 percent year over year increase in deferred revenue. During the quarter, Cytiva signed Texas A&M HSC College of Medicine, Development Alternatives, Inc. and Converteam as new customers while signing contract extensions with clients Oldcastle, Startek and Oakwood Worldwide, among others. “Despite a highly challenging selling environment, Cytiva’s first quarter results show strong growth in our key success indicators: revenue, deferred revenue and positive cash flow from operations,” said Jason Moreau, CEO. “This is due to continued sales, satisfied customers and Cytiva’s recurring revenue model.” Cytiva Software provides on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire employees.