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SmartVault Seeks Larger Firms

GetBusy, owner of two document management systems, is targeting larger customers in 2021. The disclosure was made as the parent company, England-based GetBusy, which also owns VirtualCabinet, reported financial results for the year ended December 31.

“We shall target progressively larger customers as we improve the enterprise functionality of the SmartVault product,” the company said. GetBusy also said it plans to enter new vertical markets to diversify from accounting and bookkeeping. Those will probably be in the broader financial services sector.

The SmartVault operations had a loss of roughly $1.9 million for the most recently ended year, 41-percent greater than the red ink in 2019 with sales rising 31 percent to about $7.9 million. SmartVault is sold primarily in the United States with 2020 the first year there has been meaningful revenue from the product’s sale in the United Kingdom.

GetBusy noted there were a 9-pecent increase in the size of the average customer VirtualCabinet reported 2020 income of approximately $5.4 million, 15-percent increase over the prior year. Revenue rose to about $7.9 million for the most recently ended year, up 2 percent from 2019. Overall, GetBusy reported a 2020 profit of approximately $550,000, compared to a loss of about $1.7 million for 2019.

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
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