Retek records record growth in software licenses

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Retek, a provider of infrastructure for the global retail industry, has reported record growth in software license bookings, with third quarter takings soaring 192% to $33 million.

John Buchanan, Retek’s CEO, said: “Again this quarter, we saw excellent growth across our key infrastructure applications, as well as commitments which further validated our exchange infrastructure strategy.”

Total revenue in the third quarter was $26.4 million, against an operating loss of $5.8 million.

Beginning in the fourth quarter of 1999, Retek began recognizing software license revenue over several quarters, rather than in a lump sum upon delivery. Had the company recognized the aggregate value of its software license revenue booked in the third quarter, total revenue would have been $45.3 million, a 126% increase from the third quarter a year ago. The company has generated $7 million of cashflow from operations this year to date.

The company has added several new customers, including Radio Shack and the US postal service, which will use Retek applications to support its 35,000 post offices across the country.

Retek operates Retail.com, an e-commerce platform for B2B collaboration in the retail industry. Retek customers include AnnTaylor, Best Buy, Brooks Brothers, Family Dollar Stores, Kohl’s Department Stores, Eckerd, and the Home Shopping Network.

Retek

Retail.com

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