Applabs Technologies (ASX:ALA) has advised that its strategic investment Cirrus Networks (ASX:CNW) has increased unaudited revenue for FY2015 by 154% to $14.9 million.
The company holds 13,397,131 shares worth about $415,00 in Cirrus, a Western Australia-based information technology solutions provider.
Cirrus’ revenue growth was driven by key client wins that include Western Australia’s largest locally operated bank, iiNet, Curtin University, LandCorp and Emeco Holdings.
Its sales pipeline continues to drive expansion into new customers through managed service, cloud and professional service offerings.
Already, Cirrus has $1.5 million in managed services contracts that will contribute to its FY2016 results.
Patrick Glovac, Applabs’ managing director, commented:
“Applabs wishes to congratulate Cirrus on its continued strong growth which supports the validation of Applabs’ strategic investment model and ability to identify quality investments.”
Earlier this week, non-executive director Rocco Tassone continued to acquire shares in the company through on market purchases that has seen his total holding increase to 958,708 shares from 115,000 shares in mid-June.
His indirect interests acquired 49,708 shares at $0.0935 each, 8,571 shares at $0.093 and 65,429 shares bought at $0.093.
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