Sage began the week by releasing its financial results for the full year 2023 ending September 30, 2023. Oracle also announced its fiscal 2024 Q2 results and the opening of an Oracle Cloud Region in Colombia in partnership with Claro, becoming the first major cloud provider to establish a public cloud region in the country. Finally, IFS announced that it has made two senior appointments with Max Roberts and Belinda Finch joining the company’s executive leadership team as Chief Operating Officer and Chief Information Officer respectively.
Hi and welcome to episode 116 of The ERP Minute. I’m your host, Rebekah McCabe.
Sage released its financial results for the full year 2023 ending September 30, 2023. Underlying revenue increased by 12% to 2.096 billion British pounds, underpinned by Sage Business Cloud growth of 25% to 1.628 billion British pounds. Cloud-native annual recurring revenue was up 28% to 684 million British pounds, driven largely by new customers, with continued strong performance from Sage Intacct. Sage Intacct’s ARR grew by almost 30% in the US and more than 80% outside the US, adding around 100 million British pounds of ARR to the group. Sage continues to see extensive growth, exemplified by these strong financial results.
Oracle joined in on the financial release news, announcing its fiscal 2024 Q2 results. Total quarterly revenues were up 5% year-over-year to $12.9 billion. Cloud services and license support revenues were up 12% to $9.6 billion. Finally, NetSuite Cloud ERP revenue was $800 million, up 21%.
Building off the financial momentum, Oracle also announced the opening of an Oracle Cloud Region in Colombia in partnership with Claro, becoming the first major cloud provider to establish a public cloud region in the country. Claro is one of the host partners for the new Oracle Cloud Bogota Region, and through its partnership with Oracle, it became the first telecommunications operator to offer Oracle Cloud Infrastructure (OCI) services in organizations across Colombia. This is yet another major example of how vendors are expanding offerings like OCI to deliver solutions on a global scale.
As a sign of its continued growth and transformation, IFS announced that it has made two senior appointments with Max Roberts and Belinda Finch joining the company’s executive leadership team as Chief Operating Officer and Chief Information Officer respectively. These leadership changes further support IFS’ commitment to growth, hiring new leadership to guide the company to new heights.
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