The number of SmartVault users hit 21,700 on June 30 when the first half ended, parent company GetBusy said this week. That was a 5-percent increase in users of the document management system this year.

GetBusy, based in the United Kingdom, also reported SmartVault revenue of approximately $3.4 million for the recently ended half, an increase of 32 percent over a year ago. During an investor presentation, CFO Paul Haworth said revenue growth had been driven by a “substantial” increase in SmartVault pricing last year.

The company sees potential for SmartVault growth both in the United States and the United Kingdom. Haworth said the company sees “opportunity to scale” and the company is also expanding the application in vertical markets. Sixty-two percent of SmartVault customers are in accounting and bookkeeping while 56 percent of Virtual Cabinet customers are in the field.

GetBusy will invest about $1 million on an annualized basis in SmartVault and will increase the amount over two years and will also invest in product improvement. The major of the investment this year will be in sales and market with the balance in operations.

Virtual Cabinet had 43,433 paying customers at the end of the half, down 4 percent for what was the described as the loss of two customers with a low average selling price. The product’s first-half revenue was approximately $5.3 million, a 4-percent increase this year.

Total company revenue was about $8.8 million, a 13-percent increase. It pre-tax profit of roughly $2.5 million represented a 29-percent increase. After-tax profit was $1 million, compared to a year-earlier loss of roughly $715,000. GetBusy said the difference was driven by research and development refunds.

In the United States, the company also obtained a Paycheck Protection Loan of roughly $500,000.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Monday, 27 July 2020
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