QAD has reported financial results for the fiscal 2022 second quarter, revealing that total revenue grew from $74.1m in Q2 2021 to $84.8m in Q2 2022, resulting primarily from increases in subscription and professional services revenue.
Subscription revenue grew to $38.4m, up 24 percent from the same quarter last year, and accounted for 45 percent of total revenue – a three-percentage point increase over last year’s second quarter.
QAD recently announced that it signed an agreement to be acquired by Thoma Bravo for $2bn. Under the terms of the agreement, QAD shareholders will receive $87.50 per share of class A common stock or class B common stock. Given the pending acquisition, QAD is withdrawing guidance for the remainder of the year.
Anton Chilton, chief executive officer at QAD, said: “During the second quarter, QAD continued to grow cloud revenue, while improving cloud and services margins. Excluding transaction costs related to our pending acquisition by Thoma Bravo, operating income exceeded our target.”