STAMFORD — Information Services Group, an IT consulting and research firm, reported this week flat revenues for the past quarter, but company officials pointed to sources of long-term growth.
Third-quarter revenues totaled $68.1 million, compared with $68 million in the same period last year. In the same period, the company recorded a $1.7 million profit, compared with $4 million a year ago. The drop on the bottom line reflected the reversal of $3.6 million in tax accruals.
ISG officials said the company’s digital solutions business represents its “growth engine,” accounting for more than 45 percent of revenues. At the same time, the Americas region delivered its strongest quarterly revenue growth for the firm since 2017, they said.
“Our strong results were driven by growing demand for all things digital — tempered somewhat by European macro-economic conditions — and a more profitable mix of products and services overall,” ISG CEO and Chairman Michael Connors said in a statement.
The company also announced that its Board of Directors had approved a share-repurchasing program of $10.8 million. Those new stock repurchases will take effect after the completion of the existing share-repurchasing initiative, which has about $9.2 million remaining.
“ISG remains committed to a disciplined capital allocation strategy that consists of reinvesting in our business, returning capital to shareholders and supplementing our organic growth with strategic acquisitions to drive long-term shareholder value,” Connors said.
In May 2018, ISG opened its 18,000-square-foot headquarters at 2187 Atlantic St., in the Harbor Point neighborhood of the city’s South End.
Those offices include a tech bar for employees, similar to an Apple store’s Genius Bar, a training center for employees and clients and a space where the company can showcase digital services such as “robotic process automation” involving software bots.
RPA technology automates functions such as extracting and sending out overdue invoices, allowing workers to focus on other tasks.
ISG had formerly occupied about 9,000 square feet in the downtown office block at 281 Tresser Blvd., its home since its founding.
The firm has reported employing about 1,300, including about 500 at its Global Operations Center in Bangalore, India. It also maintains offices in Guildford, England; Paris; and Frankfurt.
The company serves several hundred clients in about 20 countries. In recent years, the list has included about 20 Connecticut-headquartered companies such as Pitney Bowes and Marriott International subsidiary Starwood Hotels and Resorts Worldwide — both based in Stamford — as well as Norwalk-based Xerox and Farmington-based United Technologies.
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