Sopheon set to trump expectations after new customers sign up

Enterprise innovation management software provider Sopheon saw its shares jump on Monday after it reported that its full-year results are on track to exceed expectations after new business wins.

The business said that revenue visibility, which had been identified at $27.2m in the company’s interim results back in August, has now breached the $30m mark.

“Since that statement, a number of further transactions have been signed resulting in a record third quarter performance, traditionally our quietest quarter due to the holiday period. Included in the wins were two material contracts booked during the final days of the quarter,” said Sopheon in a statement.

One contract is with a new enterprise customer in the chemicals sector, while the other is a license extension linked to a strong recent adoption performance at an existing customer in the electronics sector.

Consequently, the AIM traded company reported confidence in its full-year performance, with results now in line to exceed market expectations amid a “robust” sales pipeline.

“We view this continued delivery of commercial results as emblematic of the growing maturity of the market that we serve, and of Sopheon's rising reputation for value underpinned by increasing adoption of our solutions,” said Sopheon.

Sopheon’s shares were up 10.13% at 1,000.00p at 0842 BST.