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QAD Inc. (Nasdaq: QADA, QADB) reported Q2 fiscal 2022 revenues of $84.8 million, up from $74.1 million year-on-year, primarily driven by a 24% increase in subscription revenue, which totaled $38.4 million. The company anticipates a net loss of $6.3 million, or ($0.31) per Class A share and ($0.26) per Class B share. QAD is set to be acquired by Thoma Bravo for $2 billion, at $87.50 per share, prompting the withdrawal of future financial guidance. Despite the operating loss of $5.8 million, excluding acquisition-related costs, operating income would have been $1.8 million.
QAD Precision, a division of QAD Inc. (NASDAQ: QADA, QADB), will participate in the E-Commerce Operations Summit on August 17-18, 2021, in Nashville, Tennessee. President Corey Rhodes highlighted the surge in e-commerce demands, necessitating scalable solutions for shipping. The company's multi-carrier and multi-modal global transportation solutions aim to optimize shipping for e-commerce vendors. Attendees can visit QAD Precision at booth 403 to explore their offerings in response to rising shipping costs and challenges facing shippers today.
QAD Inc. (Nasdaq: QADA, QADB) announced the winners of its 2021 Partner Program Awards, recognizing contributions of partners in enhancing customer success. Strategic Information Group earned the Business Transformation Award for a rapid QAD Cloud upgrade for an automotive client. Kettering Professional Services was honored with the Rapid Achiever Award for splitting a business into two entities using QAD solutions. SIT Consultores won the QAD Cloud Award for a compliant ERP implementation in Mexico, while Aliter Business Solutions received the Rising Star Award for a swift cloud transition without operational impact.
QAD Inc. (Nasdaq: QADA, QADB) announces that its QAD Adaptive ERP has attained Veracode Verified Standard Status, highlighting the company's commitment to secure software development. This recognition confirms that QAD's software undergoes extensive security testing to minimize risks for customers. Key security steps implemented include assessing first-party code and providing remediation guidance for flaws. QAD's platform supports manufacturers in adapting to industry changes, bolstering its position as a trusted partner for data security amidst evolving threats.
QAD Inc. (QADA, QADB) is expanding its Global Partner Network to enhance sales and support for its cloud solutions. The initiative seeks channel and services partners with expertise in ERP and manufacturing operations. Currently, over 100 partners are involved, providing various services such as professional consulting and technology solutions. QAD emphasizes collaboration with partners to navigate market challenges and drive innovation, aiming for rapid implementations and expanded market reach.
QAD Inc. (Nasdaq: QADA, QADB) has agreed to be acquired by Thoma Bravo for approximately $2 billion in cash, offering shareholders $87.50 per share. The deal aims to enhance QAD's focus on developing cloud-based ERP solutions for global manufacturers. As a private entity, QAD plans to leverage Thoma Bravo's expertise for growth and innovation in response to evolving manufacturing challenges. The transaction is expected to finalize in Q4 2021 pending shareholder approval. QAD's CEO Anton Chilton and founder Pamela Lopker will continue to lead post-acquisition.
QAD Inc. (Nasdaq: QADA, QADB) has declared a quarterly cash dividend of $0.072 per share for Class A common stock and $0.06 for Class B common stock, payable on July 13, 2021, to shareholders of record as of July 6, 2021. The continuation of these dividends is subject to Board approval, considering the company's profitability and liquidity. QAD provides enterprise business software for manufacturers globally, helping them adapt to technological disruptions and evolving consumer preferences.
QAD Inc. (Nasdaq: QADA, QADB) announced participation in the Sidoti & Company Virtual Investor Conference with key executives Anton Chilton, Daniel Lender, and Kara Bellamy presenting on June 23, 2021, at 1:00 p.m. PT. The event will be broadcasted live on the company's website, and an archive will be available post-event. QAD provides next-gen cloud-based manufacturing and supply chain solutions, enabling manufacturers in various sectors to adapt and innovate amidst disruptions. Founded in 1979 and based in Santa Barbara, California, QAD supports over 2,000 manufacturing firms globally.
QAD Inc. (Nasdaq: QADA, QADB) has entered a partnership with Virtual Integrated Analytics Solutions Mexico (VIAS) to promote and sell QAD Adaptive ERP and other solutions in Mexico. This collaboration aims to leverage VIAS's engineering capabilities and experience in the manufacturing sector, enhancing QAD's footprint in the region. QAD's strategic partner network, which includes over 100 partners, is expected to strengthen its position in various industries, particularly in the rapidly evolving digital transformation landscape.
QAD Inc. (Nasdaq: QADA, QADB) has signed a system integrator agreement with JK Tech, an IT consulting firm. Under this agreement, JK Tech will implement QAD's Adaptive Applications portfolio, including QAD Adaptive ERP. This partnership aims to enhance customer efficiencies amidst a challenging business climate. QAD’s ecosystem expansion is strategic, with JK Tech's expertise expected to benefit clients across various industries. QAD provides innovative cloud-based manufacturing and supply chain solutions, serving over 2,000 manufacturers globally.
