SRT Continues Record Growth in Q2
ANNAPOLIS, Md., Aug. 22, 2017 (GLOBE NEWSWIRE) — South River Technologies, Inc. (SRT) today announced its financial results for the first half of 2017. SRT achieved a 35.8% growth in total income in the first half of 2017 over the same period last year. Gross profits grew by 42% for the same period.
Comparing the second quarter of 2017 to the previous year, SRT realized total income growth of 38.7%, accomplishing a fifth consecutive quarter of growth. The company attributes the growth to an increase in enterprise level sales, along with OEM licensing partnerships for the company’s WebDrive drive mapping technology.
“While the trend of increased enterprise sales continues for SRT, we are also achieving growth by licensing our core technologies to leading SaaS providers,” says Michael Ryan, CEO of SRT. “As businesses realize the need for a truly collaborative solution, traditional enterprise file sharing services are looking to mature, workforce-tested technologies like WebDrive to fill that gap.”
SRT has previously licensed technology to Novell Networks, France Telecom, and XDrive, which was later acquired by AOL.