Wi-Fi, mobile integrator raises sales forecast
Wi-Fi and mobile software firm Bridgewater saw quarterly revenue rise 52 percent and expects more growth ahead.
BANGALORE — Telecoms software firm Bridgewater Systems Corp (BWC.TO) posted a quarterly profit above market estimates and raised its full-year outlook as it benefited from growth in mobile markets like China and India.
Ottawa, Ontario-based Bridgewater, whose rivals include Openwave Systems Inc (OPWV.O), said growth is being boosted by the popularity of smart phones, proliferation of mobile data applications, unlimited flat-rate plans and new devices like tablets. China is the world's largest cell phone market and India the fastest growing one.
Bridgewater provides solutions that help carriers manage subscriber access to applications and network resources -- like bandwidth -- alleviate network congestion by offloading data traffic to Wi-Fi, and migrating to 3G and 4G.
The Canadian company, whose customers include Saudi Arabia's Etihad Etisalat's 7020.SE (Mobily) and Verizon Wireless, said it added 32 new service provider customers in the fiscal year to date, of which six were in the Asia-Pacific region.
"Looking ahead, there are a number of key mobile trends that are expected to fuel further demand for our technology and support our continued growth," Chief Executive Ed Ogonek said on a conference call with analysts. "Mobile data traffic continues to grow rapidly, as new smart devices, applications, 3G and 4G subscribers continue to join the mobile ecosystem."
For the full year Bridgewater, with a market value of about C$218.3 million, raised its net earnings before tax view to C$17-$18.5 million, and now sees revenue of C$92-$94 million.