The chairman’s statement said SmartVault implemented a proliferation of pricing plans over its 11 years in existence. “In many cases for older customers, the value the product brings was significantly undervalued in the price being charged, including when compared to alternative offerings,” the statement said.
What GetBusy said was a rationalization and simplification plan produced average revenue per user of $302 per user, a 22-percent increase over the prior year. future growth. The company repored accounting, bookkeeping and tax custtomers comprise 62 percent of the product’s user base.
Get Busy also made and investment of about $1.3 million in SmartVault customer acquisition and development last year. That included roughly $515,000 for launching the product into the market in the U.K.
Revenue for SmartVault for 2019 was reported at approximately $5.6 million, an increase of 31 percent over the prior year and up 25 percent in constant currencies. Its operating loss rose 36 percent to roughly $1.3 million. VirtualCabinet, the company’s other document management package, had around $10.8 million in revenue last year, a rise of 10 percent and 11 percent in constant currency. Its operating profit totaled approximately $5.6 million, up 31 percent, 25 percent in constant currencies.
Total 2019 revenue was roughly $16.4 million, rising 17 percent, 15 percent in constant currencies. Its loss of about $1.5 was slightly higher than 2018’s red ink.
While the two products represent most of GetBusy’s operations, the company said it obtained the first paying users last year for GetBusy, intended to be its flagship offering. That product incorporates project management features, including the ability to track and assign tasks