BusinessOn Achieves Record-Breaking Quarterly Performance

BusinessOn Communication, a leading enterprise SaaS provider, announced on the 16th that it recorded sales of 15.4 billion KRW and an operating profit of 6.1 billion KRW in the first quarter of this year. Compared to the same period last year, sales increased by 2% and operating profit grew by 22%. This is the highest quarterly performance in the company's history.

Due to the nature of its business, BusinessOn has been steadily increasing sales based on a high customer retention rate. The proportion of one-time implementation sales has decreased, improving profitability. As the share of recurring revenue has increased, profitability is expected to improve further.

By business area, explosive growth in the HR sector contributed to achieving the highest quarterly results. Sales, operating profit, and operating profit margin all increased significantly. In particular, the solutions sector targeting large clients also widened the gap with competitors by a large margin, solidifying its position as a leading company. Monthly recurring revenue is continuously and sharply increasing, indicating that ultra-fast growth is expected to continue.

In the finance sector, SaaS service sales including tax invoice services are steadily increasing, and an increase in orders from large clients, which will significantly contribute to recurring revenue, is expected from the second quarter. The electronic signature sector is also seeing increased SaaS service sales due to higher usage. Demand in the large client market continues to grow.

In the data sector, although sales slightly decreased in size, operating profit margin improved significantly by greatly reducing outsourcing. An increase in large client orders is expected after the second quarter as well.

A BusinessOn official stated, “Based on our leading position in all business sectors and the overwhelming superiority of our solution performance, we continue to grow by providing additional solutions to the vast customer base we have built through SmartBill.”