Canadian technology companies Magnet Forensics Inc. and Nuvei Corporation both showed sharp increases in revenue as they released their latest financials, August 10.
Magnet Forensics revenue jumps 42 percent
Kitchener-Waterloo-based Magnet Forensics reported revenues of $20.6 million CAD ($16.5 million USD), an increase of 42 percent in its second quarter of 2021 over the previous quarter.
Despite the increase in revenues, income fell by 45 percent to $2 million CAD ($1.6 million USD), compared to the previous quarter.
The company attributed the drop in income to the $1.5 million in assistance received under “certain government programs” as a result of the pandemic, as well as an increase in general and administrative funds related to its IPO in April 2021.
Founded in 2010, Magnet Forensics develops digital investigation software for forensic professionals. The firm’s tech acquires, analyzes, and shares evidence from computers, smartphones, tablets and IoT-related devices. According to Magnet, its products are used by more than 4,000 public and private sector customers in over 90 countries.
In early August, Magnet announced it would collaborate with London’s Metropolitan Police and Microsoft Azure on transforming how police agencies investigate crimes with relevant digital evidence from smartphones, and computers with its software.
On August 9, the Calgary Herald reported the company is setting up an office in Calgary.
“We continue to win new customers and grow our existing accounts which drove growth of 42% in the quarter,” said Adam Belsher, CEO of Magnet Forensics. “This performance grew our ARR to nearly $50 million. Our pipeline of new opportunities is robust and the new offerings we have launched are gaining traction in the market.”
Nuvei sees 114 percent revenue increase in second quarter 2021
Nuvei announced that in its second quarter of 2021 it increased revenues 114 percent to $223.3 million CAD ($178.2 million USD) from $104.4 million CAD ($83.3 million USD), over the same prior-year period.
Year-over-year net income rose from $17.5 million CAD ($14 million USD) to $48.7 million CAD ($38.9 million USD).
“Our accelerated investments in product, innovation, distribution and talent are driving performance and laying the foundation for sustainable growth,” said Philip Fayer, Nuvei’s chair and CEO.
The Montreal-based payment processing company reported that volume growth from current customers combined with new clients drove Nuvei’s second-quarter performance.
Total volume from new business increased 114 percent in the six months period ending on June 30, 2021 over the same prior-year period.
Among its quarterly activities, Nuvei extended its card acquiring capabilities and global payment solutions to now include coverage connecting merchants to 204 markets, providing local acquiring in 45 markets, and offering 480 alternative payment methods as well as 40 cryptocurrencies, and supporting nearly 150 currencies.