JetForm Corp, the Canadian workflow software company from Ottawa, hit record revenue levels to close off its fourth quarter and fiscal year, doubling the company’s market value over the intervening period. Fourth quarter net profits rose to at the equivalent of $3.5m from last year’s losses of $789,000 while revenues were up 56% at $22.2m. And for the year, revenues jumped 45% to $76m while last year’s losses turned into profits of $7.4m. Although comparatives include a $100m worth of acquisition expenses. JetForm sells sophisticated workflow software, at the heart of which are on-screen electronic forms designed to eliminate paper shuffling. The software is often linked to popular business application suites such as SAP AG’s R/3. Last year it bought out its biggest competition, the Delrina subsidiary of anti-virus company Symantec Corp. Since when, JetForm has never looked back. And the improvement in profitability has given the company enough credibility to raise $50m of new money from a secondary stock offering, with the proceeds being used to pay back Symantec ahead of schedule. JetForm also listed its shares on the Toronto exchange in the year (already having a listing on the Nasdaq) giving it a higher profile for interested Canadian investors.
