This week’s Partner News is highlighted by global textile manufacturer Venus Group celebrating its 50th anniversary; EB Hotel Miami Airport using the GuestHub app to manage its shuttle service; and Agilysys reporting its fiscal 2022 Q3 results, including revenue of $39.5M. Read about all that and more below.
Venus Group celebrates 50th anniversary
Venus Group, a global textile manufacturer and distributor of textile products, is celebrating its 50th year in business. Founded in 1972, brothers Kirit and Raj Patel started Venus by selling imported towels from the back of their VW Bug.
Today, Venus has a global footprint with 600 employees worldwide, a team of textile engineers and two manufacturing facilities in Foothill Ranch, CA, and Fort Lawn, SC. The company has grown to become a respected and trusted partner to industrial laundries, hotels, healthcare providers and more.
Looking ahead, Venus plans to leverage its global and domestic supply chain to help customers navigate these uncertain times. Domestic cut-and-sew automated manufacturing, national distribution centers, web-based ordering are just a few of the capabilities that the company is leveraging to help its customers across market sectors.
Miami hotel leveraging GuestHub to track shuttle service
Leveraging the Guesthub web-based guest services app, the EB Hotel Miami Airport (shown above) is finding its airport shuttle service to be a deciding factor for guests considering whether to book again in the future. Via the app, the hotel is providing custom shuttle tracking and real-time location and estimated time of arrivals (ETAs) for each stop or pickup location, thereby eliminating traveler anxiety and assuring guests that they will soon be en route to the hotel.
GuestHub was developed by EB Hotel Miami Airport parent company Eurobuilding Hotels Group to facilitate everything guests may need along their journey, from reservation to review. It was designed to boost a hotel’s bottom line by taking better care of guests, and places guest-request task management and guest messaging at the core of operations, helping hoteliers achieve better reviews, make more money on their rooms and streamline operations by reducing the workload on the staff.
In addition to providing real-time location tracking, GuestHub’s shuttle tracker feature ensures guest safety. Via the app, guests are sent a photo, name and phone number of the driver and the color, brand and license plate of the vehicle. This not only tells users exactly where their ride is and when it will arrive, but GuestHub empowers guests to share their location with the hotel and driver.
Agilysys reports fiscal 2022 Q3 revenue of $39.5M
Agilysys Inc. has reported operating results for its fiscal 2022 third quarter ended Dec. 31, 2021.
Highlights of the results:
- Total net revenue was $39.5 million, compared to net revenue of $36.7 million and $42.0 million in the third quarters of fiscal 2021 and 2020, respectively.
- Recurring revenues (which are comprised of support, maintenance and subscription services) for the fiscal third quarter were $25.1 million or 63.7% of total net revenue compared to $22.8 million or 62.3% of total net revenue and $21.0 million or 49.9% of total net revenue for the third quarters of fiscal 2021 and 2020, respectively.
- Subscription revenues increased 24.9% over fiscal 2021 third quarter compared to an increase of 18.1% fiscal 2021 over fiscal 2020 third quarter. Subscription revenues comprised 46.4% of total recurring revenues compared to 40.9% and 37.7% for the third quarters of fiscal 2021 and 2020, respectively.
- Gross margin was 62.6% compared to 66.0% and 50.2% in the third quarters of fiscal 2021 and 2020, respectively.
- Net income attributable to common shareholders in the fiscal 2022 third quarter was $1.1 million, or $0.04 per diluted share compared to a net loss of $2.5 million or a loss of $0.11 per diluted share and a loss of $2.6 million or a loss of $0.11 per diluted share for the third quarters of fiscal 2021 and 2020, respectively.
- Adjusted diluted EPS (non-GAAP) was $0.19 compared to $0.23 and $0.05 per share in the third quarters of fiscal 2021 and 2020 respectively.
- Adjusted EBITDA (non-GAAP) was $6.6 million, compared to $7.6 million and $3.2 million in the third quarters of fiscal 2021 and 2020, respectively.
- Free cash flow (non-GAAP) in the fiscal 2022 third quarter was $9.9 million compared to $7.8 million and $3.0 million in the fiscal third quarters of 2021 and 2020, respectively. Ending cash balance was $115.1 million, compared to ending cash balance of $99.2 million as of fiscal 2021 year-end.
myDigitalOffice reports robust growth
myDigitalOffice (MDO), a provider of hotel performance management software, reported a strong year-over-year revenue growth in 2021, as well as additions of strategic customers, increased hiring and prominent industry recognition.
Throughout the ongoing pandemic, myDigitalOffice’s cloud-based suite of products were positioned to assist their clients by providing 24/7 remote access to hotel operating insights and performance metrics. In 2021, myDigitalOffice more than doubled the number of hotels on their platform, ending out the year with more than 4,000 hotels across North America. As a result, MDO recently announced a strategic investment from Cove Hill Partners to continue this momentum.
Since the start of 2021, myDigitalOffice more than tripled its software revenues by adding new customers and strengthening existing relationships and partnerships, including one with one of the largest global hotel brands. With this growth, myDigitalOffice has been investing in technology and innovation, processes, and people—including sales and customer success leadership roles by adding Chuck Jones and Adam Whaley, respectively—while more than doubling their employee count since the same time last year.
OpenKey integrates with Acculock
OpenKey has partnered with Acculock to bring enhanced access to digital key technology to hotels throughout North America.
OpenKey’s partnership with Acculock’s RFID and BLE door locks makes OpenKey the most universal digital key provider in the industry, according to the company, now partnering with six major lock providers. This new partnership gives Acculock the ability to offer its locks with OpenKey’s digital key and check-in experience.
As part of the partnership, Acculock will also take over warranty support, providing its expertise and coverage for all of OpenKey’s existing lock customers.