DRNO - Daily Research News
News Article no. 36683
Published May 10 2024




ISG Revenue Tumbles in Q1

Technology research and advisory firm Information Services Group (ISG) has reported first quarter revenue of $64m, down 18% from Q1 2023. Adjusted EBITDA stayed positive despite this but fell 60% to $4.4m.

Michael P. ConnorsThe firm was founded in 2006 in Stamford, CT by former Nielsen/VNU exec Michael P. Connors (pictured), still its Chairman and CEO. Its services, delivered by 1,600 professionals operating in more than twenty countries, include digital transformation and other change management, sourcing advisory, strategy and operations design, market intelligence, technology research and analysis.

Q1 reported revenues fell in all regions - down 16% to $40.8m in the Americas, down 23% to $17.8m in Europe, and down 20% to $5.6m in Asia Pacific. First-quarter net loss was $3.4m. For the second quarter, the firm expects a slight recovery in revenue to $65-67m, but a more rapid return to higher profit with EBITDA between $7.0m and $8.0m.

Connors states: 'As anticipated, we saw market uncertainty impact the broader global technology industry during the first quarter. With that said, our opportunity pipeline is growing, so we believe the worst is behind us. We see the market turning and gaining momentum over the course of the year'. He also notes that clients have been taking longer to decide on new investments, with a wait-and-see attitude to developments in AI and market conditions generally, and says the company's recurring revenue business continues to grow: 'Our next-gen sourcing platform, ISG Tango, launched in March, has been well-received, with over $2.6 billion of contract value already running on the platform'.

Web site: www.isg-one.com .


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