The Rise of SaaS Based Businesses Is Giving Investors Massive Returns
By:
Tomas Ronolski - AllPennyStocks.com News
Wednesday, November 10, 2021
Younger generations don’t understand, but there was a day when fax machines were high-tech ways of exchanging information. Nowadays, the “cloud” is the medium of choice for storing and transferring information, a digital modality that has paved the way for thousands of applications and the emergence of the $145.5 billion Software-as-a-Service (SaaS) market.
What’s amazing about that valuation is that the dawn of the SaaS market was only about 13 years ago when Salesforce.com (NYSE:CRM) Forbes showed that the average company paid 20-times more for SaaS subscriptions than five years earlier. Market experts at Insivia predicted that a small company (1-100 employees) will spend $260,000 on SaaS in 2021, while enterprises (1000+ employees) will spend $4.16 million.
Safe to say, the SaaS space is a good place to be, particularly when carving out a niche undergirded by market demand.
An upstart making big strides by solving healthcare business problems with its portfolio of SaaS products is iCoreConnect (OTCQB:ICCT)
iCoreConnect, also a member of the prestigious StartUp Health accelerator, has 15 SaaS enterprise solutions in its platform and more than 70 agreements with state or regional healthcare associations across the U.S. Management is relentless in its growth initiatives, albeit synergistic acquisitions or R&D efforts that manifest in regular new product launches. In turn, revenue is growing exponentially.
Investors got a sampling of growth in August when iCoreConnect released results from the second quarter ended June 30, 2021, during which revenue increased 106% year-over-year to $1.0 million and gross profit increased 166% to $0.7 million. While impressive, the results didn’t include some material developments for iCoreConnect that transpired at the end of Q2 or during the second half of the year that can provide a boon to sales going forward.
For starters, late in June iCoreConnect released its iCoreCloud product. iCoreCloud is an automated secure backup for both business and highly sensitive patient data in the cloud. In July, that was followed by the launch of iCoreVerify , a SaaS real-time insurance benefits check designed to compress a previously hours or days-long process into a single click by providing dental practices immediate access to benefit coverage from more than 2,100 insurance companies.
A month later, on September 15, iCoreConnect completed the acquisition of Spectrum Technology Solutions, its most substantive acquisition to date. Spectrum provides Managed Services, Data Backup, Data Discovery, Strategic IT Leadership & vCIO, Cloud Services, Cybersecurity and Encryption services, all of which seamlessly integrate into the iCoreConnect model of “land and expand,” a sales mantra for reeling in customers with core products and then upselling them on other products in the franchise.
The upsells and endorsements can come quick. For instance, the Maryland State Dental Association’s selected iCoreVerify about two months after its launch. Similarly, this month, the Michigan Dental Association (MDA) added five new product endorsements, bringing the total number of endorsed iCoreConnect products to seven. Two of the new endorsements MDA will promote to its members were iCoreVerify and iCoreCloud.
ICCT investors are about to get their first look at early progress regarding the integration of Spectrum and the new product cycles for iCoreCloud and iCoreVerify. After the market close on Monday, November 15, 2021, iCoreConnect will release its financial results from the third quarter along with a business update. The following morning, Tuesday, November 16, 2021, management will host a conference call to discuss the results at 8:30 AM EDT. Interested parties can access the call at 877-269-7756 (U.S.) or 201-689-7817 (International) or via a live webcast on the iCoreConnect website .
Interest in iCoreConnect has been growing exponentially of late as evident in the rising volume and share price. It is safe to say that investors are eager to see just how well the company does when the financials get released.
--
iCoreConnect (OTCQB: ICCT) Full Corporate Write-Up: Click Here .
--
About AllPennyStocks.com:
AllPennyStocks.com Media, Inc., founded in 1999, is one of North America’s largest and most comprehensive small-cap / penny stock financial portals. With Canadian and U.S. focused penny stock features and content, the site offers information for novice investors to expert traders. Outside of the countless free content available to visitors, AllPennyStocks.com Pro (premium service) caters to traders looking for that trading edge by offering monthly stock picks, daily penny stock to watch trade ideas, market commentary and more.
As a result of its commitment to journalistic excellence and abundance of information in a particular area of equity investing (micro-cap investing) where there aren’t many credible sources of information, AllPennyStocks.com continues to have one of the largest audiences of micro-cap investors on the internet.
Copyright © 2021 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Other Penny Stock Movers
Canadian Inflation Moves Up as Expected But Easing Underlying Pressures Boost Hopes of June Rate Cut
Shares Up as Firm Launches First Short Spot Bitcoin ETP in the Nordics
Could This Stock Be The Next Big Mover In The Short-Term Rental Market?