AVCtechnologies Announces Significant Projected Revenue Growth of Kandy, its Cloud Communications Platform
December 08 2021 - 6:59PM
American Virtual Cloud Technologies, Inc. (AVCtechnologies)
(Nasdaq: AVCT) today announced that it projects revenues of its
Kandy Business Unit to grow from $14.3 million in 2020 to
approximately $18.8 million in 2021 and in excess of $37 million in
2022. The significant projected growth is driven by
505% year-over-year subscriber growth
(
90% CAGR) from January 2019 to today.
AVCtechnologies delivers a full suite of cloud-based Unified
Communications as a Service (UCaaS) capabilities to its cloud
customers through its carrier-grade Kandy Business Solutions
including Cloud PBX, Smart Office UC Clients, Collaboration,
Contact Center, and SIP Trunks. The projected annual growth of the
Kandy Business Unit comes as a result of deeper penetration with
existing service provider and enterprise customers including IBM,
AT&T, and Etisalat and expansion into new customer
relationships.
“AVCtechnologies is positioned to gain market share as a premier
white-label cloud communications provider, checking the CPaaS,
CCaaS & UCaaS boxes, while also capitalizing on direct to
enterprise capabilities,” said Darrell J. Mays, CEO of
AVCtechnologies.
Larry Mock, AVCtechnologies’s Board Chair, said “These market,
customer, and product achievements are why I have repeatedly
invested in AVCT and its predecessor companies since 2011, why I
have never sold a share of the company’s stock, and why I continue
to believe in the opportunity.”
AVCtechnologies previously announced a strategic focus on
acquisitions and organic growth in its cloud technologies business
as well as to explore strategic opportunities for its IT solutions
business, including the planned divestiture of Computex Technology
Group (Computex).
Please refer to our recent presentation
at https://www.ir.avctechnologies.com/investors/presentations/
About American Virtual Cloud Technologies,
Inc.American Virtual Cloud Technologies, Inc.
(“AVCtechnologies”; Nasdaq: AVCT) is a premier global IT solutions
provider offering a comprehensive bundle of services including
unified cloud communications, managed services, cybersecurity, and
enhanced connectivity. Our mission is to provide global technology
solutions with a superior customer experience. In 2020, American
Virtual Cloud Technologies, Inc., acquired Computex Technology
Group and Kandy Communications. For more information, visit
https://www.avctechnologies.com.
Caution Regarding Forward-Looking
Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding projections,
estimates and forecasts of revenue and other financial and
performance metrics, the Company’s plans to divest Computex
Technology Group and to identify and/or complete suitable
acquisitions, and planned future growth. The Company’s actual
results or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements, including as a result of the uncertainty associated
with being able to identify, evaluate and complete any strategic
transaction, the impact of any strategic transaction that may be
pursued on the Company’s business, including its financial and
operating results and its employees and clients. These statements
are based on various assumptions and on the current expectations of
the Company’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of the Company. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in the Company’s clients’
preferences, prospects and the competitive conditions prevailing in
the industries in which the Company operates; the Company’s
substantial indebtedness; risks associated with the potential
effects of COVID-19 on the Company’s business; risks that the
recently-acquired Kandy Communications business will not be
integrated successfully; ability to retain key personnel; the
potential impact of consummation of the Kandy Communications
acquisition on relationships with third parties, including
customers, employees and competitors; conditions in the capital
markets; and those factors discussed in the Company’s amended
annual report on Form 10-K filed with the SEC on May 14,
2021 under the heading “Risk Factors,” and other documents of the
Company filed, or to be filed, with the SEC. If the risks
materialize or assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that the Company
presently does not know or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this report. The Company anticipates that subsequent events and
developments will cause its assessments to change. However, while
the Company may elect to update these forward-looking statements at
some point in the future, the Company specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing the Company’s assessments as of any
date subsequent to the date of this document. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
AVCT Contact: info@avctechnologies.com
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