Shares of Kingdee International Software Group Co Ltd, a leading Chinese enterprise resource planning (ERP) software provider, surged 8.45% on Thursday following the company's announcement of robust growth in its cloud subscription business.
According to the company's latest update, Kingdee's cloud subscription annual recurring revenue (ARR) reached RMB 3.28 billion (around $460 million) as of September 30, 2024. ARR is a key metric for software-as-a-service (SaaS) companies, representing the annualized value of active cloud subscriptions at a given point in time.
The strong growth in Kingdee's cloud subscription ARR reflects the increasing demand for its cloud-based ERP solutions among businesses in China and beyond. As more companies embrace digital transformation and migrate their operations to the cloud, Kingdee's cloud offerings have become an attractive proposition, providing scalability, flexibility, and cost-efficiency.
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