iPass Inc. (NASDAQ:IPAS) recently announced the financial results for the first quarter that ended on March 31, 2018, revealing a GAAP net loss of $4.0 million. The company reported total revenue of $11.4 million for the quarter and also announced several major updates in the last few days including a multimillion license deal for its SmartConnect Software as well as expansion in its partnership with Tech Data.
iPass Signs Multimillion Dollar License Deal
According to Gary Griffiths, iPass President and CEO, “As you know, since joining iPass, we’ve been on a mission to transform our business to software and technology.” Griffiths announced the multimillion-dollar license deal for iPass SmartConnect software which according to him is a milestone in the company’s journey and is expected to provide the much-needed revenue to iPass and bolsters its balance-sheet. As per reports, iPass reduced the costs in the quarter significantly to cut down its quarterly break-even revenue point to less than USD 15 million. The new license deal will make available enough cash liquidity to the company which can help the leading provider of global mobile connectivity achieve targeted revenue growth.
According to iPas, Nasdaq has allowed it delisting extension which will give ample time to the company to regain compliance. The only difference will be that iPass will shift from the listing of Nasdaq Global Market to the Nasdaq Capital Market.
iPass Aims To Streamline Operations With Tech Data Expanded Partnership
The Californian Company has said that it is expanding its partnership with Tech Data in order to streamline its operations. Through the partnership, the multinational company will outsource its tier one support from June 1, 2018. It will include a small part of its customer management services globally. According to the iPass chief commercial officer, Patricia Hume, this partnership with Tech Data will help her company optimize its operating expenses, increase the level of customer satisfaction and reach a new standard of operational excellence.
With the deal, iPass will be able to focus entirely on its core business of providing connectivity management solutions and big data to carriers and enterprises. The alliance will benefit iPass by improving its operational efficiency and level of quality service offered to the customers.