CHICAGO: PR software company Cision posted 4.7% organic revenue growth in Q3 to $185.7 million. The quarterly numbers are the first since Cision said last month that it is being acquired by an affiliate of private equity firm Platinum Equity.
The Q3 revenue numbers are up on Q3 2018, when revenue increased by 2.1% to $177.2 million.
Cision’s regional operating revenues were also up in Q3. In the Americas, they grew 2.8% to $126.1 million, in EMEA they rose 7.8% to $50.2 million and in APAC they went up 15.8% to $9.3 million.
Cision’s operating income increased 46.3% to $20.6 million.
The company said in its earnings report that it is not holding a conference call for analysts and investors.
Cision said last month that an affiliate of Platinum Equity is planning to buy the company for $2.74 billion. The deal is expected to close in Q1 2020 after Cision shareholders convene. If the deal is approved, Cision will be a wholly owned entity of the Platinum Equity affiliate. Cision may solicit acquisition proposals from other companies until next Tuesday.
Law firm Levi & Korsinsky notified investors on October 24 that it is investigating whether Cision adequately shopped the company for potential buyers before agreeing to be acquired.