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Steven G. Mihaylo, Chief Executive Officer commented, "I am very pleased with our results, the results give us much to be excited about. This quarter we reached a very important milestone as we exceeded nine million dollars in revenue, which is a high-water mark for us, I am convinced that is only the beginning of additional impressive milestones. We have closed the acquisition of Allegiant Networks, which is a very strong telecom company that provides many advantages to us including providing a substantial presence in the mid-west. The acquisition of Allegiant is a continuation of our growth strategy and will make an instant impact as I know the acquisition is highly accretive. In addition, the acquisition of Allegiant is very important as they were acquired from the Crexendo "fishing pond" which is our description of our base of over 200+ software solution licensees. Allegiant is currently one of our licensees on our platform and already has customers on the Crexendo platform and we will benefit from migrating those that are not on our platform over to Crexendo. That migration will have the dual benefit of providing additional benefits and support to the customers and increasing our margins. Allegiant has incredible products and services, including being a Managed Service Provider (MSP), which expands substantially the Crexendo offerings and opens up additional sales opportunities for all of our locations. With the acquisition we also add additional data centers providing additional redundancy, security, and reliability to Crexendo customers. Perhaps most importantly we have acquired a remarkable staff led by Bryan Dancer, who I have known for over 20 years and who shares the Crexendo commitment to providing our customers with the best products and services that are available anywhere. Finally, we made the acquisition without mortgaging the future of Crexendo, the only debt acquired is a small note that we expect will be paid out of profits from the acquisition. The acquisition is a huge win for us, our shareholders, and our customers

Crexendo Announces Third Quarter 2022 Results

Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services with video designed to provide enterprise-class cloud communication solutions to any size business through our business partners, software licensees, agents and direct channels. Our solutions currently support over 2.5 million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States. We provide our services through two divisions, our Telecommunications Division and our Software Division

By AP News
Published - Nov 10, 2022, 04:08 PM ET
Last Updated - Apr 24, 2024, 01:04 PM EDT

PHOENIX, AZ / ACCESSWIRE / November 10, 2022 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services with video designed to provide enterprise-class cloud communication solutions to any size business through our business partners, software licensees, agents and direct channels. Our solutions currently support over 2.5 million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States. We provide our services through two divisions, our Telecommunications Division and our Software Division. Today, the Company reported financial results for the third quarter ended September 30, 2022.

Third Quarter Financial highlights:

  • Total revenue increased 3% year-over-year to $9.1 million.
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