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8K Miles Q3 Gross Revenue grew 91% YoY and 16% QoQ EBITDA up by 92% YoY and 15% QoQ

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Chennai/Mumbai: January 09, 2017: 8K Miles Software Services, Ltd., a leading Global IT Business Transformation, Secure Cloud Solutions and Managed Services Provider, today announced the Company’s unaudited financial results for the quarter ended 31st December, 2016 as approved by the Board of Directors.
Highlights of the Results:
·        Gross Revenues grew to 142 crores, an increase of 91% YoY

·        EBITDA grew to 49 crores, an increase of 92% YoY
·        Net profit after minority interest grew to 27 crores, up by 138% YoY
“Recent AWS re:Invent 2016 event reported that AWS now has an annual revenue run rate of $13 billion growing 55 percent annually which accounts for most of the profits for the entire company. Cloud paradigm shift is not just about on-premise IT to public cloud. As companies prepare for new IT era, enterprise customers need to get ready to adopt dynamic, cloud-based business operating models, continuous security and compliance governance, IT operations automation and position for cost optimization and increased competitiveness. There will be a lot of benefit from these next generation technologies including Cloud, Analytics, Big Data, IoT, and Mobility to Healthcare IT organizations within Providers and Payors industry. Acquisition of Cornerstone Advisors during Dec 2016, will further strengthen the 8K Miles position as a Partner, Consultant and Technology Solution Provider to US Healthcare clients. “ said Mr. Suresh Venkatachari, Chairman and Managing Director, 8K Miles Software Services, Ltd.
Lena Kannappan, Chief Operating Officer, 8K Miles added “There is a critical need for differentiated cyber security, continuous compliance and governance solutions while moving agency applications from on- premise to public cloud. Our CloudEz platform along with secure and compliance control framework brings a huge value to Government customers using the cloud.”
Consolidated Financial Highlights for the Quarter ended 31 December 2016:
Particulars
Q3 FY 17
Q-o-Q growth
Y-o-Y growth
Revenue (INR Lakhs)
14177
16%
91%
EBITDA (INR Lakhs)
4880
15%
92%
PBT (INR Lakhs)
4351
15%
123%
PAT before minority interest
3260
14%
115%
PAT after minority interest
2686
14%
138%
Key Business Highlights:
  • 8K Miles now strengthens its foothold in the US Healthcare market by acquiring Cornerstone Advisors Group, LLC: 8K Miles Software Services, Inc. has entered into a definitive Agreement to acquire Cornerstone Advisors Group, LLC., a leading US Healthcare Information Technology company, for $10,250,000. Cornerstone Advisors Group provides executive level Information Technology Advisory, Consulting, and Implementation services to the US Healthcare Provider industry. Cornerstone’s vast areas of expertise include: Population Health and ACO Enablement, Physician and Post-Acute Care Integration, EMR Selection and Implementation, Strategy Definition and Total Cost of Ownership Planning, Compliance, Change Management, and Value Realization.
  • US based Fortune 100 Enterprise, the Cloud Applications and Platform Service Provider chose 8KMiles, amongst its competitors, to integrate top SaaS Applications with their Cloud Security platform in December 2016. This multi-year cloud managed services contract will include on boarding of SaaS Applications and also provide on-going monitoring and cloud management services. 
  • Won additional cloud competency center opportunities for building enterprise wide cloud transformation capabilities for a large life sciences company including demand generation and business innovation architecture areas.
  • Won two large enterprise customer opportunities to provide enterprise wide Identity and Access Management implementation and managed services.
  • Signed MSA with one of the top 4 SIs in the US to work on Healthcare and Life Sciences opportunities.
  • Closed Pharma Validation contracts with multiple mid-size Pharmaceutical customers.
  • During this quarter, added two healthcare providers in the US for providing EHR implementation and project management services.
Recognitions during Q3 FY2017
  • 8K Miles was recognized as a go to market partner for Amazon’s newly released AWS Managed Service product offering addressing Enterprise cloud customers along with other select cloud managed service providers including Rackspace, Accenture, Capgemini, and CSC. 
  • 8K Miles was third party certified as an AWS DevOps Competency partner during this quarter Q3. This is in addition to other competencies 8K Miles had already achieved: AWS Healthcare competency, AWS Life Sciences competency and AWS Audited MSP competency partner. 
  • 8KMiles got top-listed for AWS Public Sector Partner program in US Government category.
About 8K Miles:
8K Miles Software Services is a leading Global IT Business Transformation, Secure Cloud Solutions and Managed Services Provider company based in the San Francisco Bay area and a publicly traded company listed on Indian Stock Exchanges (NSE and BSE). 8KMiles Software Services provides digital technology solutions – SMAC (Social, Mobile, Analytics and Cloud) for seamless connectivity between consumers, SMBs, large enterprises, healthcare providers and pharmaceutical companies secured with EzIAM™ SaaS offering, CloudEzRx™ solution for cloud automation and our patented MISP™ platform for onboarding and accelerated Business Partner federations. 

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