Exact Software is an information technology company serving the needs of local and international companies with their business software solutions.
In the press release of 11 February 2010 in which Exact Software announced its 2009 full-year results, CEO Raj Patel made the following statement:
“Although expected, revenue developments in 2009 have been broadly disappointing, while EBITDA and cash flows, defined as key objectives have been widely achieved. We prepared well and early for the global economic downturn and our execution to align the company’s cost structure to revenue demand have remained diligent. Most of these measures were executed already in 2008, and became effective in 2009. Our large installed customer base enables strong cash flows and cross-selling opportunities as reflected during the year.
“Substantially reduced operating expenses in 2009 have allowed us to gradually invest in key strategic areas such as our brand, Exact Online, Longview and our parenting strategy in anticipation of a gradual improvement in the economy in 2010 and onwards. These clear choices remain the areas in which we will continue to invest in 2010, albeit carefully. As an organisation we remain strategically and financially healthy and based on our operational fitness and readiness, I am confident we will see good operational leverage when the economy rebounds.”
Subsequently, five analysts gave their rating and advice on Exact shares.