DUBAI, UAE, Jan. 22, 2020 /PRNewswire/ -- Dubai-headquartered manged IT services specialist iSON Technologies is pleased to announce the results of its recent business transformation plan.
With a presence in 25 countries in Africa, the Middle East and the ASEAN region, the business boasts a client base that includes the likes of IBM and Cisco and is regarded as one of the largest independently-owned operators in its geographic area. With a view to building upon this platform, the firm has recently completed a significant repositioning of the business, providing a strong foundation for the company's ambitious plans for future growth.
The immediate impact from this process can be evidenced by the company's expected results for FY19, a reported EBITDA of c.US$2million, following a loss-making FY18 as the business completed its transitional phase.
By the end of 2021, management expect turnover to reach approximately US$50million, with an EBITDA of $8million – around four times the FY19 figure. iSON remains confident of achieving these targets as around 85% of the FY21 forecasted revenue has already been identified from opportunities within the company's existing pipeline and customer base. In addition, around 90% of the company's revenue is already recurring revenue.
The company credits its recent success and anticipated growth to the business transformation plan which management initiated in 2017 and finalised at the end of 2018. iSON's business reforms have broadly fallen into two categories: internal, structure-oriented transformation; and actively-induced alterations to the client base.
For example, iSON strategically took the decision to exit numerous, low-margin, legacy contracts, replacing them over the last 9-12 months with several highly profitable new ones, including its largest ever contract, worth over US$10million. iSON has also been successfully migrating customers to managed service contract models, providing high visibility of future earnings.
The business has also significantly revised its structure and strategy, orientating its service portfolio around five core areas identified as high-value targets: Infrastructure Technology and Transformation Services, Contact Centre Technology, Enablement, Digital Transformation and Service Integration, and Utilities.
Rahul Srivastava, CEO of iSON Technologies, said: "We are very pleased that our transformation plan has had such a rapid and profound effect on our bottom line, further strengthening the service we provide our customers. With a strong pipeline and an openness to strategic partnerships, we are looking to continue to grow and capitalise on new opportunities and markets in the years ahead."
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SOURCE iSON Technologies