“We shall target progressively larger customers as we improve the enterprise functionality of the SmartVault product,” the company said. GetBusy also said it plans to enter new vertical markets to diversify from accounting and bookkeeping. Those will probably be in the broader financial services sector.
The SmartVault operations had a loss of roughly $1.9 million for the most recently ended year, 41-percent greater than the red ink in 2019 with sales rising 31 percent to about $7.9 million. SmartVault is sold primarily in the United States with 2020 the first year there has been meaningful revenue from the product’s sale in the United Kingdom.
GetBusy noted there were a 9-pecent increase in the size of the average customer VirtualCabinet reported 2020 income of approximately $5.4 million, 15-percent increase over the prior year. Revenue rose to about $7.9 million for the most recently ended year, up 2 percent from 2019. Overall, GetBusy reported a 2020 profit of approximately $550,000, compared to a loss of about $1.7 million for 2019.