Indianapolis-based Interactive Intelligence Group Inc. (Nasdaq: ININ) is reporting a third quarter net loss of $9.8 million, compared to a net loss of $2.1 million during the same quarter last year. Chief Executive Officer and founder Donald Brown says, despite the widening loss, it registered an "impressive jump" in cloud subscriptions, a key to the software company’s long-term focus.
Brown says there was nearly a 40 percent year-over-year increase in new cloud customers and "robust" add-on sales. "The third quarter showed that we are continuing to execute on our strategy to become the leading vendor in the customer engagement market. This growth was further driven by our improved cloud implementation processes, which accelerate the time-to-value for customers and the start of our revenue recognition. Also core to our strategy is having unrivaled customer engagement technology."
The company says total revenue was $97.4 million, a nearly $8 million increase from the third quarter 2014. The company attributes the jump to nearly $26 million tied to cloud subscription revenue in the quarter.