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March 28, 2005

Verity scratches profit in Q3

Californian enterprise search vendor Verity increased its revenue a steady 11% in its third quarter but only just managed to keep its books in the black.

By CBR Staff Writer

The Sunnyvale-based company racked up revenue of $33.9m, up from $30.5m a year ago.

However the company only just fought off the red ink after turning over a small profit of $0.6m for the quarter. Last year the company’s net income was in much more healthy state, standing at $4.8m.

Verity’s CEO Anthony Bettencourt said he was disappointed with the latest set of results and blamed a failure close key deals as a cause for the slide in profitability.

Verity was hit with a $8.3m cash payment for its acquisition of business process management firm Dralasoft Inc during the quarter.

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