Jade Software's revenue to the end of December 2020 continued to fall, according to the annual report of Jade's UK-based owner, Skipton Building Society.
Total revenue fell by £1.5 million, or close to NZ$3 million using an averaged exchange rate, "as the economic environment impacted its growth in new customers", Skipton reported.
No other numbers were reported but Skipton said Jade had broken even for the year, as it did in 2019 when revenue declined by 19 per cent from $41 million to $33.2 million.
CEO Charlotte Walshe told Reseller News Jade continued to invest in both its core Jade object oriented development environment and in new products such as its anti money-laundering cloud application Jade ThirdEye.
Around a third of the 2020 revenue impact came from one long-term contract that contained staged reductions in billings while the other two thirds represented the impact of COVID-19 on Jade's digital services business.
Digital services, around a quarter of the business in revenue terms, included development and other services that use non-Jade toolsets with most of that revenue coming out of Australia.
Walshe said 2021 was shaping up really well, however, as businesses adjusted to the new pandemic reality and resumed investment in systems.
The uptick began last October she said but stemmed from increased customer conversations beginning around July.
In fact, demand was now outstripping capacity and Jade was "recruiting like crazy".
Investment totalling around $6 million during the year went into both the core Jade platform, which received a major upgrade release last year, and into Jade ThirdEye which was enjoying good growth, particularly in the UK as regulators crack down on money laundering.
The Jade platform received enhancements particularly to help customers take applications into the cloud and to apply machine learning.
Walshe said Jade customers were seeing real benefits from the platform's flexibility, the speed at which new services could be deployed, its security and its robustness for use in business critical applications.
While it may have suffered from under-investment in the past, Jade was definitely not considered "legacy".
"We really see value in it, not least because of the way it played out last year," Walshe said. "The product is really good."
Hence, the Jade's SaaS-based ThirdEye application was also developed in Jade with a web front end.
This year a further $8 million would be invested, mostly into Jade Third Eye, Walshe said.
Jade Software was also investing in improved product management and supporting Agile development practices.