SANTA BARBARA, CA--(Marketwired - September 30, 2016) - CloudCommerce, Inc. (OTCQB: CLWD), a global provider of advanced e-commerce services to leading brands, today announced the filing of its first annual report after the recent acquisition of Indaba Group ("Indaba"), with consolidated revenue showing substantial improvement over the previous year.
Total revenue for the fiscal year ended June 30, 2016 increased by $1,481,398 to $2,079,743 compared to $598,345 for the fiscal year ended June 30, 2015. This approximate increase of 347% was primarily due to the acquisition of Indaba.
"The acquisition of Indaba has proven to be a very beneficial transaction for us," said CloudCommerce CEO Andrew Van Noy. "This annual report demonstrates the substantial impact Indaba has made on our year-over-year consolidated revenues. The Indaba team deserves credit for all their hard work. Moving forward, we will continue to pursue additional acquisitions to join our family of e-commerce companies and add shareholder value."
CloudCommerce, Inc. (OTCQB: CLWD) provides advanced e-commerce services to leading brands. Our customers depend on us to help them compete effectively in the $1.6 trillion worldwide e-commerce market. Our comprehensive services include: (1) development of highly customized and sophisticated online stores, (2) real-time integration to other business systems, (3) digital marketing and data analytics, (4) complete and secure site management, and (5) integration to physical stores. Our goal is to become the industry leader by rapidly increasing the number of customers who regularly depend on us and by acquiring other rapidly growing e-commerce service providers. To learn more about CloudCommerce, please visit www.cloudcommerce.com.
Matters discussed in this shareholder letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.