Rally posts $5.8 million loss in third quarter
Last Updated: 15:05 December 6, 2013
Boulder-based Rally (NYSE: RALY), a provider of cloud-based solutions for managing Agile software development, began trading shares on the New York Stock Exchange in April when it raised $96.6 million in its initial public offering.
The $18.9 million in revenue was an increase compared with $14.7 million for the same quarter a year ago. The loss of $5.8 million was an increase compared with a loss of $2.8 million in the same quarter a year ago.
Tim Miller, Rally's chairman and chief executive, said the company experienced the largest initial order in its history during the third quarter when an American multinational financial services corporation, which accounts for approximately 24 percent of the total dollar volume of credit card transactions in the United States, purchased 1,500 licenses for Rally for Good. The service provides clients with a team of Rally employees that provides support and guidance for the client as it scales Rally's software platform.
Other key customer wins during the quarter, Miller said, included renewals, add-ons to existing subscriptions and new customers in industries ranging from media and entertainment to travel and health care.
New customers include TUI Travel, Otter Products, Philadelphia Insurance Companies, Infoglobo, McKesson Automation, National Instruments, Dex Media, Heartland Payment Systems TX, Radian Group Inc., Autodesk - Enterprise Information, TomTom International, Leica Geosystems, Truven Health Analytics and British Airways.
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The Longmont-based company's profit of nearly $5.1 million for the fiscal year ended Dec. 31 came