Automated Benefits, a provider of cloud-based claims technology for the insurance industry, has reported revenues of $4.6m for the second quarter of 2012, up 128% from $2m during the comparable period last year.
Net loss for the latest quarter period was $1,318,000, which includes transaction related expenses of $887,000, while the firm posted a net income of nearly $51,000 during the same period earlier year.
For the three months ending 30 June 2012, the corporation held $2.4m in cash and cash equivalents (net of debt of $108,000 owed on a capital lease).
Adjusted EBITDA for the second three months of 2012 stood at $272,000 compared to Adjusted EBITDA of $232,000 during the corresponding period last year.
Automated Benefits chief executive officer James R Swayze said the firm's record revenue this quarter is the direct result of successfully integrating the claims business of Marshall & Swift/Boeckh and completing the roll-out of Farmers Insurance.
"The product innovations we are launching in the coming quarters, together with pilots we have running in global markets such as Germany, South Africa, and Australia should ensure continued growth in our results," Swayze added.
