CedarOpenAccounts reports growth   24th July 2006 UK business applications software provider CedarOpenAccounts (COA) has reported strong financial results for the year ending March 31, 2006, with a 12 percent increase in turnover to £43.4 million and a 5 percent increase in earnings before interest, taxes and depreciation (EBITDA) to £8.9 million. Mark Thompson, managing director at COA said: “This has been another successful year for COA with sustained growth across all areas of the business. We have increased market share in both public and private services sectors and broadened the product portfolio through acquisition and internal development, into fast growth areas including human capital management and business intelligence. The company's financial performance confirms that our strategy of focusing on the needs of service sector organisations is the right path.” Additional highlights in the year include the successful acquisitions of the OpenPeople HR & Payroll systems business from Grampian Software, and of Strata Systems, the analytic applications company. COA has also increased investment in product strategy and development including opening its first offshore development centre in Hanoi , Vietnam , established in partnership with Harvey Nash, adding a further 40% development capacity. The group says that software license orders grew 24% and maintenance revenues grew by 20% to £17.9 million, representing 41% of total revenue.
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