SofTech, Inc. (OTCQB: SOFT) enhances customer productivity and promotes profitability through the development, marketing and distribution of computer software solutions for the product lifecycle management (PLM) industry. In particular, the company’s proprietary ProductCenter® PLM solution enables users to automate product data and lifecycle processes, allowing for streamlined management of product development from concept to commercialization and beyond. Currently, over 100,000 users benefit from SofTech’s innovative portfolio of software solutions and services, including employees of General Electric Company (GE), Goodrich, Honeywell (HON), AgustaWestland and the U.S. Army.
In recent months, SofTech has leveraged the marketability of its PLM solutions to record strong financial results. Despite a year-over-year decrease in total revenues following the sale of its CADRA product line, the company recorded a 20.5 percent year-over-year increase in ProductCenter revenue in the fiscal quarter ending February 28, 2015, as two of the company’s existing customers significantly escalated their usage of the product. Moving forward, SofTech will look to build on this progress by expanding its industry reach.
“The sale of the CADRA product line in 2014 provided the capital and the flexibility for us to make a significant current year investment in the development of a new PLM-based product aimed at the consumer market,” Joe Mullaney, chief executive officer of SofTech, stated in a news release. “We believe this product has the potential to get SofTech on a revenue growth path, an essential element of shareholder value enhancement.”
Through the continued expansion of its portfolio, SofTech could be in a strong position to capitalize on the growth of the PLM industry in the years to come. According to a report by Transparency Market Research, the global PLM market is expected to grow at a compound annual growth rate of 8.1 percent from 2015 to 2022, reaching a market value of more than $75.8 billion by the end of the period. Rising demand for product innovation and enhanced productivity are expected to dramatically increase the deployment of PLM solutions in non-traditional end-use sectors, including consumer products and retail.
With over 45 years of industry experience, SofTech is an established player in the expanding PLM industry. Look for the company to leverage this positioning in order to promote continued adoption of its ProductCenter solution and prepare for the commercial launch of its groundbreaking consumer market-centric product in the coming weeks.
For more information, visit www.softech.com
