News

Chicago, Illinois and Toulouse, France, February 3, 2010

Access Commerce (FR0000074247), a leading provider of multichannel commerce and configurator software, today announced provisional 2009 revenue.

For fiscal 2009, provisional consolidated revenue totaled €6.99 million, down from €9.29 million in 2008.

2009 year-end was marked by a decline in revenue from license sales, reflecting notably a significant time lag in the conclusion of several important new contracts. This pipeline of new business still in the negotiation or finalization phases will further boost our portfolio for 2010. Revenue remained on track with budget despite a downturn attributable to increased use of integrators in the period combined with an unfavorable comparison base.

Cameleon, a key component of the marketing and sales strategies of our customers in insurance, telecom and high-tech sectors

In a challenging economic environment, reducing time-to-market performance for the launch of offerings for our new customers in the insurance, telecommunications or high-tech segments has become a priority. In this context, 2009 provided an opportunity for Agrica, Apicil, Gras Savoye or Réunica to evaluate the greater agility offered by Cameleon in accelerating the development of their products and services and their immediate delivery to sales channels. This constitutes a significant strategic advantage in response to the inevitable multiplication of products and offerings seeking to satisfy an increasingly demanding and sophisticated customer base.

Provisional net income

Access Commerce Group had a provisional net loss of approximately €0.3 million, while net cash expanded from €3.3 million at December 31, 2008 to €4.3 million at year-end 2009. "Net income from discontinued operations" (IFRS 5) represented €0.82 million for the period (provisional data).

Outlook

At the start of the year, orders for licenses, SaaS and maintenance ("Software revenue") represented nearly €4.8 million, €200,000 higher than total revenue for the 2009 full year. This visibility is the consequence of efforts undertaken in 2009 and allows us to anticipate solid growth for the year ahead.

Conclusion

Jacques Soumeillan, Chairman of Access Commerce commented: "While 2009 was clearly not satisfactory in terms of growth and earnings, during the crisis we successfully anticipated the downturn by reducing expenses and implementing truly transformative changes: divestiture of non-core businesses, progressively modifying our business model in favor of a SaaS/licence mix, raising the visibility of the Cameleon offering in new high-growth markets and developing a network of highly reputed integrators. Revenue was impacted by longer new business acquisition cycles and a longer time lag for projects. With a record level of orders, we are confident in prospects for 2010, particularly in the insurance and financial services, telecom and high-tech and even manufacturing sectors where there are increasing signs of a confirmation of a recovery. This latter trend combined with a healthy cash position will enable us to ramp up marketing and commercial initiatives in 2010 to meet our ambitious growth targets."

The impact of changes in consolidation scope and the presentation of revenue

Access Commerce divested non-core businesses in 2009. In accordance with IFRS 5, these disposals were presented separately under a single line item, “Net income from discontinued operations", in Access Commerce's consolidated income statement. Consolidated revenue for 2009 and 2008 has consequently been restated to exclude revenue from discontinued operations and is accordingly presented above on a like-for-like basis.

The Company has also adopted a new presentation for revenue based on a breakdown between Cameleon products (licenses, SaaS and maintenance) and Cameleon services (consulting, training, support, etc.).

The date for the publication of consolidated results is currently scheduled for February 25, after the close of trading.

This press release may contain forward-looking statements based on current assumptions and forecasts made by Executive Management and other information currently available to the Company. Unknown risks, uncertainties and assumptions made may lead to material differences with actual Company performance. In consequence, readers of this press release should not place undue reliance on these forward-looking statements.

+33 (0)5 61 39 78 78
tdebouville(at)access-commerce.com

Virginie Dupin
+33 (0)5 61 39 78 78
vdupin(at)access-commerce.com

Cameleon and Cameleon^edge are trademarks of Access Commerce SA and may be registered in certain jurisdictions. All other product and company names mentioned are the property of their respective owners.

Press Release February 3, 2010