Vipera narrows losses as it receives cash offer
Updated : 15:33
Specialist mobile financial software services provider Vipera announced its preliminary audited financial results for the year ended 31 December on Wednesday, reporting a 27% rise in total revenue to €10.1m year-on-year.
The AIM-traded firm said recurring revenue was ahead 43% at €1.6m.
Its adjusted underlying EBITDA loss, excluding non-recurring items, improved to €0.1m from a €1m loss in 2016.
The board said Vipera’s recent acquisition in Spain was now profitable and expanding, while it also successfully executed the reorganisation of Codd&Date.
It also secured a strategic investment in the company by Banca Sella Holdings, which invested €2.5m, while it continued to invest in product development.
Cash at year-end stoof at €1.9m, up from €1.5m at the start of the period.
“We took a number of significant steps forward in 2017 with continued growth, significantly reduced losses and evolving our relationship with Banca Sella,” said Vipera CEO Marco Casartelli.
“Subsequent to the year end it was announced on 18 April 2018 that Sella Open Fintech Platform, a Banca Sella subsidiary, has made a recommended cash offer for the company.”