Brenda O’Farrell
Investing.com – Shares of Ottawa-based Kinaxis Inc (TSX:KXS) were at the top of the list of best performers on the S&P/TSX Composite on Wednesday afternoon, gaining more than 11%, after revealing its latest earnings report and announcing the acquisition of a supply-chain consultancy headquartered in India.
Kinaxis will be purchasing long-time services partner Prana Consulting with the aim of boosting its market presence and global scalability, according to a statement issued by Kinaxis.
"I'm thrilled to welcome this dedicated and experienced group of people to our team as we continue to scale up to meet growing market demands," said Kinaxis CEO John Sicard. "Having worked with Prana for more than 15 years, I am confident in their ability to support our growing need for global services and customer care."
This acquisition reflects the ongoing growth of Kinaxis, which works with top-tier customers around the world in the automotive, high-tech, consumer packaged goods, industrial, life sciences and aerospace industries, including Toyota, Unilever (LON:ULVR), Johnson Electric and Novartis, the statement continued.
Kinaxis reported a 47% gain in total revenues in its fourth-quarter period, which ended Dec. 31 compared to the same period in the previous year. That translated into an adjusted EBITDA of US$18.13 million for the three-month period, a 102% increase over the same period in 2018.
Shares of Kinaxis were up more than 11% in late afternoon trading, at $111.80. They had closed at $100.50 yesterday. Earlier in the day they were trading as high as $115.58. In the last year, the shares have gained 20%.