CloudCommerce, Inc. (OTCQB: CLWD), a leading provider of data driven solutions, today announced that it has recently filed an 8-K changing its fiscal year end from June 30 to December 31, effective immediately. As a result of this change, the Company will file a Transition Report on Form 10-K for the six-month period ended December 31, 2017.
Based on its trending sales performance, underlying strength of the core business, and projected growth from new services, the Company now expects 2018 revenue will be approximately $11.5 million. In the event that the Company undertakes additional acquisitions, revenue could be significantly greater in 2018.
“We are pleased to provide increased revenue guidance for 2018 and expect to be cash positive on a consolidated basis,” commented CloudCommerce CEO Andrew Van Noy. “The company is seeing strong demand for its services, particularly in the areas of digital marketing, creative services, and strategy.
Mr. Van Noy continued, “To meet this demand, we tripled the personnel in our digital marketing team during the last four months, and will continue to expand the team in the coming months. Additionally, we have achieved key wins by signing marketing service contracts for brands in the hospitality, insurance, and media industries. We’re proud of the diligent efforts made by our employees and we look forward to a successful 2018.”
CloudCommerce’s recent success has been driven by acquisitions closed in 2017, including the acquisition of Parscale Creative in August 2017 and the acquisition of WebTegrity in November 2017. CloudCommerce intends to continue to grow internally by rapidly expanding services in digital marketing, data and analytics, and continue to increase scale by acquiring exceptional companies.