March 13, 2012
ViryaNet Revenue, Profit Rise
By Rick Saia
Software maker and service provider ViryaNet Limited of Westborough reported a 4-percent increase in revenue and nearly tripled its profits during the fourth quarter of last year, helped by the sale of a subsidiary in Australia, the company announced.
ViryaNet sold its Australian subsidiary, ViryaNet PTY Ltd., during the quarter, which yielded a net gain of $250,000. The company also dissolved a subsidiary in the United Kingdom.
While quarterly revenues increased to $2.6 million, license revenues dropped 14 percent from the fourth quarter in 2010 while maintenance and services revenue jumped 5 percent.
WBJ Web Partners
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