Predict your next investment

Corporation
QuorumDMS.com

See what CB Insights has to offer

Partners & Customers

1

About Quorum

Quorum is a North American company focused on developing, marketing, implementing and supporting its portfolio of software and services for automotive dealerships.

Quorum Headquarter Location

7500 Macleod Trail SE Suite 200

Calgary, Alberta, T2H 0L9,

Canada

403-777-0036

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Quorum News

Quorum Reports Q3 2021 and YTD Financial Results

Nov 24, 2021

Author of the article: $6.6 million of Recurring SaaS Revenue $2.4 million of Recurring Services Revenue Adjusted EBITDA1 Margin of 16% CALGARY, Alberta, Nov. 24, 2021 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. ( QIS:TSXV ) ( QuorumInformationSystems.com ), a SaaS software and services company that provides essential software that vehicle dealerships rely on for operations throughout North America, today reported Q3 2021 and year-to-date financial results for the third quarter ending on September 30, 2021. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors. We apologize, but this video has failed to load. Try refreshing your browser, or Advertisement Article content “We are happy to report record total revenue and are pleased with our overall revenue growth for this quarter, which was well balanced between adding new rooftops and cross-selling new software and services to current clients,” stated CEO Maury Marks. “With ongoing supply chain challenges, emerging online sales channel opportunities, and expanding competition, our vehicle dealership clients need our software to protect and grow their business while maximizing profits. We are encouraged by current market conditions and total addressable market available to Quorum Information Technologies solutions.” Consolidated Results for Q3, 2021 & Year-to-Date   Article content Q3 2021 Financial and Business Highlights Total revenue increased by 14% to $9.2 million in Q3 2021 compared to $8.1 million in Q3 2020. SaaS revenue increased by 11% to $6.6 million in Q3 2021 compared to $5.9 million in Q3 2020. Recurring services revenue (BDC) revenue increased by 30% to $2.4 million in Q3 2021 compared to $1.9 million in Q3 2020. Strength in this category was driven by new solution features and by a strategic partnership with AutoCanada. Recurring revenue was 97% of total revenue for the quarter compared to 96% reported in Q3 last year. Total Annual Recurring Revenue (ARR) from SaaS of $26.2 million as of September 30, 2021. Total annual recurring services revenue (BDC) of $9.7 million as of September 30, 2021. Gross margin increased to $4.3 million and 47% of total revenue in Q3 2021 compared to $3.7 million and 45% of total revenue for Q3 2020. Gross margin increased by 18% as compared to Q3 last year, growing at a faster pace than revenue growth which is a result of scaling the business. Adjusted EBITDA margin was 16%, down from 18% reported in the previous Q3. Including cash of $7.5 million, total net working capital as of September 30, 2021 decreased to $7.6 million from $9.1 million as of December 31, 2020, a decrease of $1.5 million that is due to the $1.5 million prepayment of principal and interest on its BDC Capital Loan facility in April 2021. SaaS-based operational KPIs are as follows: Advertisement Article content The Q3 2021 Quarterly Results Investor Presentation, a replay of the conference call, and transcripts of the conference call will also be available at www.QuorumInformationSystems.com . About Quorum Information Systems Quorum is a North American company focused on developing, marketing, implementing and supporting its portfolio of software and services for automotive dealerships that includes: XSellerator, a Dealership Management System (DMS) that automates, integrates and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction. DealerMine CRM, a sales and service Customer Relationship Management (CRM) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership. Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution. Advantage, a full showroom system for independent dealerships and a management system that also includes in-house leasing, inventory management, and accounting. Advertisement Article content Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release. Advertisement

Quorum Acquisitions

1 Acquisition

Quorum acquired 1 company. Their latest acquisition was Oasis Auto Complete Systems on January 03, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/3/2019

Acquired

1

Date

1/3/2019

Investment Stage

Companies

Valuation

Total Funding

Note

Acquired

Sources

1

Quorum Partners & Customers

1 Partners and customers

Quorum has 1 strategic partners and customers. Quorum recently partnered with ACCRU on January 1, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

1/24/2019

Partner

ACCRU

Australia

ACCRU Collaborates with Quorum as Central IRB and to Streamline Study Activation for Oncology Trials

Community Cancer Research United leadership is now collaborating with Quorum to provide a central institutional review board option for network members participating in Community Cancer Research United clinical trials .

1

Date

1/24/2019

Type

Partner

Business Partner

ACCRU

Country

Australia

News Snippet

ACCRU Collaborates with Quorum as Central IRB and to Streamline Study Activation for Oncology Trials

Community Cancer Research United leadership is now collaborating with Quorum to provide a central institutional review board option for network members participating in Community Cancer Research United clinical trials .

Sources

1

Quorum Team

1 Team Member

Quorum has 1 team member, including former Chief Executive Officer, Edward Sharp.

Name

Work History

Title

Status

Edward Sharp

Chief Executive Officer

Former

Name

Edward Sharp

Work History

Title

Chief Executive Officer

Status

Former

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.