ALARM.COM has reported a 26 percent year-over-year increase in total revenue for the first quarter, ending March 31, 2017.
"We're off to a solid start in 2017 with continued growth in SaaS and license revenue and increased profitability," Steve Trundle, president and CEO of Alarm.com, said.
"Our service provider partners continue to lead the security industry's transformation from traditional service to higher value interactive solutions, and we announced new product initiatives to help them deliver a best-in-class experience to their customers."
Alarm.com’s software as a service (SaaS) and license revenue of $US50.2 million for the first quarter represented a 26 per cent year-over-year increase. For the second quarter, SaaS and license revenue is expected to be in the range of $57.8 million to $58 million, and for the full year, expectations are in the range of $231.7 million to $232.7 million.
Total revenue for the year is projected to reach between $322.7 million to $325.7 million, which includes anticipated hardware and other revenue for the year in the range of $91 million to $93 million.
“After closing the Connect and Piper acquisitions on March 8, 2017, Alarm.com has begun to integrate operations and personnel with a focus on consistent service for existing customers and subscribers,” said Alarm.com.
In addition to the acquisition, the company pointed to several other business highlights, including its expanding ecosystem of connected devices, an updated mobile app for service provider partners and an enhanced mobile experience for subscribers.♦