Jan. 13 (Bloomberg) -- ClickSoftware Technologies Ltd., the Israeli developer whose largest investor is George Soros’s fund, gained the most in five years in New York after reporting preliminary fourth-quarter revenue that beat analyst estimates.
Shares of the Petach Tikva, Israel-based company increased 21 percent to $8.80 in New York, the most since October 2008. The stock sank 11 percent last year.
ClickSoftware said sales for the three months ended December will reach about $30.5 million, above its previous forecast of $26 million to $28 million and surpassing the $26 million mean estimate of two analysts surveyed by Bloomberg. The company added 19 new customers during the fourth quarter, 10 of which are cloud computing customers, according to a PRNewswire statement today.
“It appears as if the transition toward ClickSoftware’s cloud-related solutions is seeing fruition,” Shaul Eyal, a New York-based analyst at Oppenheimer & Co., wrote in an e-mailed report today. “Today’s announcement could set the stage for an utterly different year.”
ClickSoftware, which posted an adjusted loss of 12 cents a share in the third quarter, expects to return to profitability in the fourth quarter, according to the statement. The company will report results on Feb. 5 before markets open.
“Our successful transition to the cloud will be supported by a material increase in recurring revenues in the second half of 2014,” ClickSoftware Chief Executive Officer Moshe BenBassat said in the statement.
Cloud computing allows information to be stored online instead of onsite.
Soros Fund Management LLC owns a 9.9 percent stake in ClickSoftware, according to a regulatory filing as of Sept. 30. With a net worth of $23 billion, Soros is the 32nd-richest person in the world, according to the Bloomberg Billionaire Index. He made $1 billion betting against the British pound in 1992.
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