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Symbility Solutions added to Canada's 2013 PROFIT 500 as growth continues

Symbility Solutions added to Canada's 2013 PROFIT 500 as growth continues

Symbility Solutions (CVE:SY)(OTCQX:ATBEF), a software-as-a-service vendor for the property and casualty insurance industry, has ranked among the top 200 of Canada's fastest growing companies in the annual PROFIT 500 by PROFIT Magazine, citing five year-revenue growth of 412 per cent. 

The company landed the 158th spot among the country's most successful growth companies. 

"To be featured as one of Canada's Fastest-Growing Companies on the PROFIT 500 list, is a testament to the talented and hardworking team we have here at Symbility," said CEO James Swayze, in a statement released this morning. 

"Thanks to our innovative, cloud-based mobile technology, we have enjoyed exponential growth over the past five years and look forward to continued growth - both in revenue and employment - in the coming months and years."

The "up-and-coming" software as a service (SaaS) vendor, as touted by analyst Richard Tse at Cormark Securities in a recently research report, is targeted at insurance carriers, and for a small name, has already managed to secure the number three property and casualty (P&C) insurance carrier last year in Farmers Insurance, which was followed by a significant investor in private equity firm TPG. 

The company's first quarter results pointed to steadily rising numbers. "Like most recurring revenue models, the underlying revenue stream and essentially fixed cost structure to run such a recurring model tech company typically calls for less volatility when it comes to the quarterly results,"  said the Cormark analyst, who has a buy rating on the junior-listed company with a target price of 70 cents per share. 

"In the case of Symbility, Q1 proved to fit right into those parameters based on those results that came in essentially in-line with our expectations."

Revenue more than doubled from the same period last year, on the company's MSB Claims business acquisition, and the contribution from a sizeable insurance carrier customer in Farmers. Symbility also benefited from increased marketing and sales activity during the quarter, Tse noted, with the Symbility 2013 Symposium and the PLRB/LIRB Insurance Services Expo.

"The expectation is that with a number of large carrier contracts coming up for tender over the next 12-24 months, the lift in sales and marketing spend should capture some meaningful wins for Symbility," wrote the Cormark analyst in May, adding that the P&C claims processing market has few pure play competitors, positioning the "technology disruptor" for market share gains as tech becomes increasingly important to these carriers. 

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