Financial Year 2022 Annual Report

Another transformative year for mdf commerce

Read our full FY22 annual consolidated financial statements and MD&A

Word from the President

“Fiscal 2022 was another transformative year for mdf commerce, arguably one of the most transformative in the history of the Corporation. The acquisition of Periscope makes mdf commerce a major player in government eprocurement in North America. On an annual basis, eprocurement now represents nearly 50% of total consolidated revenue and grew by 61.4% to $52.8 million compared $32.7 million last year. Since the acquisition of Periscope on August 31, 2021, the Corporation has onboarded over 100 government agencies and won 17 Contract Lifecycle Management deals. This performance was achieved despite considerable macro-economic challenges in the back half of the fiscal year.

Also, the Unified Commerce platform added two significant enterprise clients along with over 65 small medium businesses and several 100 suppliers have joined our supply chain networks. The platform revenue grew by 6.2% to $39.6 million compared to $37.0 million last year.

Total revenue for the year was $108.3 million compared to $87.7 million, an increase of 27.8% year-over-year.

We continue to invest in talent and significant advancements have been made in terms of our foundational investments. These investments include cloud migration, product improvement to not only accelerate implementation but also to add key features and functionality that better serve the needs of our customers We’re now entering a new phase of the transformation for mdf commerce.”

“2022 was another transformative year, arguably one of the most transformative in our history.”

Second year of transformation

March 31st, 2022 marks the completion of our second year of the transformation plan that we embarked upon. During the year, we executed the most consequential transaction in the history of the Company when we acquired Periscope, a leading US-based eProcurement vendor on August 31st 2021. As we enter the 3rd year of our transformation, our objectives are to further focus and simplify operations to maximize execution towards profitable growth.

Second year of transformation

2022 was another transformative year, arguably one of the most transformative in our history.

March 31st, 2022 marks the completion of our second year of the transformation plan that we embarked upon. During the year, we executed the most consequential transaction in the history of the Company when we acquired Periscope, a leading US-based eProcurement vendor on August 31st 2021. As we enter the 3rd year of our transformation, our objectives are to further focus and simplify operations to maximize execution towards profitable growth.

About mdf commerce

mdf commerce inc. (TSX:MDF) enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our eProcurement, Unified Commerce and emarketplace platforms are supported by a strong and dedicated team of approximately 800 employees based in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1-877-677-9088.

About mdf commerce

mdf commerce inc. (TSX:MDF) enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our eProcurement, Unified Commerce and emarketplace platforms are supported by a strong and dedicated team of approximately 800 employees based in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1-877-677-9088.

FY22 in numbers

Amounts below are expressed in Canadian dollars

FY2022
total revenue

%

growth year-over-year

Total FY22 revenue: $108.3M

FY2022
Recurring Revenue*

%

growth year-over-year

Recurring FY22 revenue*: $87.9M

eProcurement

%

growth year-over-year

Total FY22 revenue: $52.8M

Unified
Commerce

%

growth year-over-year

Total FY22 revenue: $39.6M

emarketplaces

%

growth year-over-year

Total FY22 revenue: $15.9M

* The Corporation presents non-IFRS measures and key performance indicators. Additional disclosures including the definitions associated with non-IFRS measures as well as a reconciliation to the most comparable IFRS measures, and key performance indicators incorporated by reference can be found in MD&A for the fourth quarter and the year ended March 31, 2022, as presented in the section “Non-IFRS Financial Measures and Key Performance Indicators”.

our strategy is focused on five transformational pillars

Becoming a single SaaS company

Accelerating product development

Scaling customer acquisitions

Ongoing merger, acquisition and integration

Ongoing merger, acquisition and integration

Cultivating culture, talent and productivity

FY22 of mdf commerce:

get the full picture*

* Certain statements in our continuous disclosure documentation constitute forward-looking statements. Additional details to this effect can be found in our Management’s Discussion and Analysis for the year ended March 31, 2022.