Microsoft announced results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year. Blackbaud announced financial results for its second quarter ended June 30, 2024. ECI announced the completion of its acquisition of ProfitKey International LLC, an ERP platform for discrete manufacturers. Salesforce signed a definitive agreement to acquire PredictSpring, a modern retail Point-of-Sale software vendor built natively in the cloud. SAP launched new cloud capabilities for SAP Product Lifecycle Management Solutions through a strategic co-innovation with Hilti AG, a provider of products and services for the construction industry. Acumatica announced the hiring of veteran technology leader, Miten Mehta, as the company’s Chief Engineering Officer.
Hi and welcome to episode 150 of The ERP Minute. I’m your host, Rebekah McCabe.
The week began with financial results from Microsoft and Blackbaud.
First, Microsoft announced results for the quarter ended June 30, 2024, as compared to the corresponding period of last fiscal year. Revenue was $64.7 billion and increased 15%. Dynamics products and cloud services revenue increased 16% driven by Dynamics 365 revenue growth of 19%. Server products and cloud services revenue increased 21% driven by Azure and other cloud services revenue growth of 29%.
Then, Blackbaud announced financial results for its second quarter ended June 30, 2024. GAAP total revenue was $287.3 million, up 6%, with GAAP recurring revenue at $281.4 million, up 7.2% and representing 98% of total revenue.
These results show that growth in the ERP space is continuing at a steady pace. We expect continued momentum as market and product innovation is prioritized by vendors in the second half of 2024 and beyond.
In other news, ECI and Salesforce announced major acquisitions to deliver greater functionality within their technology stacks.
First, ECI announced the completion of its acquisition of ProfitKey International LLC, an ERP platform for discrete manufacturers. ProfitKey’s team will be joining ECI’s Manufacturing division, the company’s largest business unit. ECI’s focus on delivering value within its manufacturing portfolio is exemplified by this acquisition.
Then, Salesforce signed a definitive agreement to acquire PredictSpring, a modern retail Point-of-Sale software vendor built natively in the cloud. PredictSpring will enable Salesforce to provide a unified omnichannel platform spanning digital and physical channels while complementing existing Customer 360 capabilities. Salesforce customers will benefit from the mobile capabilities added through this acquisition.
In related news, SAP launched new cloud capabilities for SAP Product Lifecycle Management Solutions through a strategic co-innovation with Hilti AG, a provider of products and services for the construction industry. New capabilities include native connectivity with SAP cloud ERP solutions and supply chain management solutions from SAP, while also integrating with third-party product data management and computer-aided design tools. These capabilities will offer customers greater visibility across the value chain.
Finally, Acumatica announced the hiring of veteran technology leader, Miten Mehta, as the company’s Chief Engineering Officer. Mehta will lead a growing and geographically diverse global team of engineers, developers, and designers responsible for architecting, developing, and deploying Acumatica’s cloud ERP solution. Dynamic decisions like this will empower Acumatica to reach its goals in modernizing its engineering processes.
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