Epicor: new appointments

Pervez Qureshi is appointed the CEO of Epicor company. He has considerable experience of management in the information technology industry and the software, said in the official statement of the company.

Since 2006 it worked as the CEO and the president of Activant Solutions Inc which is recently integrated with Epicor after acquisition of both companies by Apax Partners investment fund. Under the leadership of Qureshi in Activant company the client - the focused approach based on providing high-quality services and technical support therefore the company took a leading place in the market of solutions for distribution and retail was cultivated.

The new CEO has experience of company management during its rapid growth and development. Under its management Activant purchased seven new companies, considerably having increased profit. Since 2004 Qureshi held a position of the chief operating officer Activant. Before arrival in Activant it was the founder and the president of the consulting company, held executive positions in companies Harvest Software, Metaphor Computer Systems, Hewlett-Packard and IBM.

The former president and the CEO of Epicor company George Claus will save a post of the chairman of the board of Epicor and will continue to have an impact on the development strategy of the company.

George Klaus left the post against the background of excellent financial results of the company. As he said earlier, the fourth  quarter 2010 became the third best quarter in the history of Epicor on income level from sale of software solutions. Within last year revenue growth from sale of the software was 17%, and at the same time there were more than 560 new clients, and the free cash flow exceeded $51 million.

In the fourth quarter 2010 income of Epicor from sale of the software grew more than by 10% in comparison with the third quarter that exceeded $500 thousand revenue only from sale of software solutions. Besides, the gross profit from sale of the software reached the highest level for the last five quarters in spite of the fact that closing of some transactions was postponed to 2011. 

Total income for the fourth quarter 2010 grew approximately by 5% and was $117, 2 million in comparison from $111, 9 million in the fourth quarter 2009. The net income calculated on GAAP1 in the fourth quarter was $4, 4 million, or $0, 07 on a watered action, in comparison with a similar indicator of net income in $6, 7 million, or $0, 11 on a watered action, in the fourth quarter 2009.

Income from sale of the software in the fourth quarter was 2010 $26, 4 million USA that is 2% higher than the similar indicator received in the fourth quarter 2009 when its value was 25, 8 million dollars. The consulting revenue for the fourth quarter 2010 was $35, 7 million and increased by 8% in comparison with a similar indicator of the fourth quarter 2009 in which its value was $33, 2 million.

Income from technical support in the fourth quarter was 2010 $49, 7 million and increased by 2% in comparison with a similar indicator of the fourth quarter 2009 in which its value was $48, 6 million. Income from sale of the equipment and an other income in the fourth quarter  were $5, 5 million, having increased by 24% in comparison with the fourth quarter of previous year when its value was $4, 4 million.