Sangoma Technologies Corporation Announces Debt Reduction and Year-End Update
22 Juli 2024 - 2:09PM
Business Wire
Sangoma Technologies Corporation (TSX: STC) (NASDAQ: SANG)
(“Sangoma” or the “Company”), a leading business
communications platform provider, today announced key updates on
its Fiscal 2024 performance and strategic initiatives as it
prepares for the year ahead.
In line with our capital allocation strategy disclosed in the
third quarter of Fiscal 2024, Sangoma executed a debt repayment of
$5.3 million in the fourth quarter, bringing total debt repayments
for the quarter to $9.7 million. This marks the first of a series
of planned payments aimed at reducing Sangoma's debt to under $60.0
million by the end of Fiscal 2025. The company's ability to advance
this strategy is supported by its robust financial position,
underpinned by prudent financial management and successful
self-funding of transformational activities.
Fiscal 2024 concluded on June 30, 2024, marking a significant
milestone for Sangoma as the Company continues to make substantial
progress on its enterprise architecture program (“ERP”). The
ERP remains on track for substantial completion during Fiscal 2025,
positioning Sangoma for enhanced operational efficiencies and
improved cost management capabilities.
Under the leadership of Monica Walton, Chief Revenue Officer,
Sangoma is successfully expanding its go-to-market strategy,
resulting in notable advancements in the sales funnel. This
strategic focus has bolstered the Company's revenue growth
prospects heading into Fiscal 2025.
Additionally, Sangoma has achieved commendable increases in its
Support Team Customer Satisfaction (CSAT) and Net Promoter Score
(NPS) following dedicated efforts led by the new Chief Customer
Officer. These improvements underscore Sangoma's commitment to
delivering exceptional customer experiences while maintaining
industry-leading churn rates.
As Sangoma prepares for Fiscal 2025, the Company remains focused
on driving top-line revenue growth through its enhanced
go-to-market strategies. The Company will continue to provide
guidance and corporate updates to investors throughout Fiscal 2025,
maintaining transparency and accountability.
“We are pleased with the progress made in Fiscal 2024 and
excited about the opportunities ahead in Fiscal 2025,” said Charles
Salameh, Chief Executive Officer. “Our continued self-funded
investments in technology, customer experience, and debt reduction,
reflect our commitment to sustainable growth and long-term value
creation for our shareholders.”
About Sangoma Technologies Corporation
Sangoma (TSX: STC; Nasdaq: SANG) is a leading business
communications platform provider with solutions that include its
award-winning UCaaS, CCaaS, CPaaS, and Trunking technologies. The
enterprise-grade communications suite is developed in-house;
available for cloud, hybrid, or on-premises setups. Additionally,
Sangoma provides managed services for connectivity, network, and
security. A trusted communications partner with over 40 years on
the market, Sangoma has over 2.7 million UC seats across a
diversified base of over 100,000 customers. Sangoma has been
recognized for nine years running in the Gartner UCaaS Magic
Quadrant. As the primary developer and sponsor of the open source
Asterisk and FreePBX projects, Sangoma is determined to drive
innovation in communication technology continuously. For more
information, visit www.sangoma.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722619860/en/
Sangoma Technologies Corporation Larry Stock Chief Financial
Officer investorrelations@sangoma.com
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