Leading German technology company Software AG has upped its sales outlook for its industrial internet business, comprising of its internet of things (IoT) and cloud offerings, having seen the unit’s sales double in the first quarter.
The Darmstadt-based firm is renowned as Germany’s second largest business software company.
The revised sales outlook, according to Reuters, has been increased from a 70-100% growth expectancy to a 100-135% growth expectancy, representing a significant change.
This rise would equate to sales of approximately €30mn to €35mn, up from the previously predicted €25mn to €30mn. The unit achieved sales of €14.9mn in 2017.
The strong performances come just months after Software AG spun off its IoT and cloud business as a separate division in January, with strong results reflected in first quarter sales rising 125% year-over-year to €6.4mn.
The IoT cloud business is expected to grow significantly faster than its Digital Business Platform, with a forecast growth of between 3-7%, having achieved total sales of €441.5mn.