Load and Performance Testing Leader Radview Announces Fourth Quarter 2020 Record Growth

Rhea-AI Summary

Radview Software Ltd. (OTC Pink: RDVWF) announced strong financial results for the three-month period ending Dec. 31, 2020, with a remarkable 52% year-over-year revenue increase. Total sales more than doubled compared to the previous quarter, showcasing the company’s resilience despite challenging global economic conditions. The transition to a subscription-based business model is nearing completion, contributing to significant bookings growth across new business, renewals, and upgrades. CEO Eyal Shalom expressed optimism for continued growth in 2021.

Positive

• 52% year-over-year revenue growth for Q4 2020.
• Total sales more than doubled from the prior quarter.
• Successful transition from perpetual licensing to a subscription-based model.
• Increased bookings in new business, renewals, and upgrades.

Negative

• None.

The performance engineering company intends to further expand its business and capitalize on improving global economic conditions.

ROSH HA'HAIN, Israel, March 15, 2021 (GLOBE NEWSWIRE) -- Radview Software Ltd. (“Radview” or the “Company”; OTC Pink: RDVWF), a leading provider of enterprise-grade performance and load testing solutions, today reported that the unaudited financial results for the three-month period ended Dec. 31, 2020 show increased momentum and record growth.

The report released today includes the growth summary as well as detailed description of the trend and growth factors that contributed to business acceleration during the fourth quarter, as well as the trend analysis vis-à-vis the previous quarters’ results.

Total Sales and revenues for the three-month period that ended December 31, 2020 are up 52% compared to the same quarter last year, and more than doubled the total sales and revenues for the previous quarter.

Despite the globally challenging economic conditions, the company recorded major achievements: Year-over-year growth for the same quarter and for the whole year is consistent and significant as it represents an over-achievement in terms of bookings across the board – new business, renewals, and upgrades – in both subscription and annual maintenance models.

In 2020 the Company has almost concluded the transition from a perpetual license business model to a subscription based (ARR) model.

“We are very pleased with our Q4 and whole year performance.” said Eyal Shalom, RadView’s CEO. “The results reinforce our conviction in our strategy and support our plans of expanding our product offering. We are optimistic about our ability to accelerate this growth in 2021.” concluded Shalom.

About RadView

Radview Software (OTC Pink: RDVWF) is a leading provider of enterprise-grade performance and load testing solutions that enable organizations to achieve the level of performance essential for business success today.

Leveraging its innovative and reliable WebLOAD performance testing platform, Radview empowers hundreds of Enterprises and SMBs with faster time-to-market of websites and web applications.  

The platform offers increased speed in scripts and tests development, analysis, and performance validation, with top notch reliability, underlined by world-class support of performance experts.

The company has offices in the US, EMEA, and an expanding global network of distributors and partners.

For more information about Radview Software and its products, visit www.radview.com

You can also follow Radview Software on our blog, as well as on LinkedIn.

Forward-Looking Statements:

This press release contains forward-looking statements that reflect management’s current views concerning future events, technical, operational, and financial performance of Radview. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of Radview. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Radview undertakes no obligation to update publicly or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those outlined in the forward-looking statements.  

For more information:

Liron Klein, CFO

lirone@radview.com

FAQ

What were Radview Software's Q4 2020 financial results?

Radview reported a 52% year-over-year revenue increase for Q4 2020, with sales more than doubling from the previous quarter.

How has Radview Software performed compared to previous quarters?

Radview's performance showed significant improvement, with Q4 2020 sales being more than double compared to the prior quarter.

What is the company’s strategy for 2021?

Radview plans to expand its product offerings and continues to focus on accelerating growth in 2021.

What is the significance of the subscription-based model for Radview Software?

The transition to a subscription-based model is expected to enhance revenue stability and encourage long-term customer relationships.