Estimated reading time: 1 minute, 42 seconds Customer Adds to Slow expects to add fewer customers over the next few quarters, CEO Rene Lacerte said this month. The executive made the comment as the payments software company reported results for the second quarter ended December 31.


“We continue to expect net customer adds to be lower than in recent quarters, given we're past the initial pandemic tailwind, and we've been shifting our customer acquisition focus away from the smallest of businesses,” Lacerte said during the company’s recent earnings webcast.

The company ended the quarter with 109,200 customers, an increase of 27 percent year-over-year with an addition of 5,600 net new customers during the quarter.

However,’s loss more than doubled as the company continued to invest in growth. The loss for the most recently ended quarter was $17.2 million, up from $7.6 million.  Second-quarter revenue was slightly more than $54 million, an increase of 38.3 percent from $39.1 million in last year’s corresponding period. grew R&D spending to 33 percent of revenue for the December quarter, up from 31 percent of revenue a year earlier. It spent $20.4 million for that category in the three months, q 57.7 percent increase from slightly less then $13 million a year earlier.

Lacerte said transaction revenue grow 98 percent to $25.7 million in the second quarter while subscription revenue of $26.6 million us up 33 percent.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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