ALPHARETTA, Ga. - Agilysys , Inc. (NASDAQ:AGYS), a global provider of hospitality software solutions, has announced the appointment of Joe Youssef as Senior Vice President, Sales, Americas and EMEA, and Chief Commercial Officer. Youssef, a former executive at Amadeus, will assume his new position on Monday, replacing Don DeMarinis, who is retiring after contributing to significant revenue growth at Agilysys.
Youssef brings to Agilysys an 18-year track record of leadership and innovation in the travel and hospitality technology sector. His career at Amadeus included roles such as Managing Director for Egypt, where he led Amadeus to market leadership within two years, and leadership in the Middle East and North Africa. He also spearheaded the company's Business Intelligence solution vertical, reinforcing its standing in the hospitality industry.
During DeMarinis' tenure since January 2018, Agilysys saw its annual revenue increase from $127.4 million in FY2018 to $237.5 million in FY2024, ending March 2024. The company also achieved record revenue growth over the past 10 consecutive quarters, a period marked by significant challenges including the global pandemic.
Ramesh Srinivasan, President and CEO of Agilysys, praised DeMarinis for his steadfast commitment and the expertise he brought from his over 30 years in the industry, including time at Oracle (NYSE:ORCL). Srinivasan expressed confidence that Youssef's diverse leadership experience and successful track record would be instrumental in taking Agilysys to new heights.
Youssef expressed enthusiasm for his new role, aiming to contribute to Agilysys' growth and innovation in hospitality technology. His official start date with the company is August 19, 2024.
Agilysys specializes in software solutions and services that aim to enhance customer experiences and profitability for hospitality-focused organizations. The company serves a variety of sectors, including hotels, resorts, casinos, and food service providers, among others.
This management transition is based on a press release statement issued by Agilysys, Inc.
In other recent news, Agilysys Inc. announced record-breaking Q1 fiscal 2025 revenue of $63.5 million, a 13% year-over-year increase, marking the 10th consecutive quarter of record revenue. The company's Property Management System (PMS) and related modules significantly contributed to this growth, particularly in the Americas hotels and resorts sector. In addition, recurring revenue saw a rise, reaching $38 million, with subscription revenue growing by 32%. Despite lower-than-expected one-time product revenue, Agilysys remains optimistic about its full-year guidance, backed by a promising outlook on its Point of Sale (POS) system sales and a robust sales pipeline.
Furthermore, the company announced the upcoming retirement of Don DeMarinis, Senior Vice President of Sales for the Americas and EMEA, on August 30, 2024. DeMarinis will continue in his current role until a successor is appointed. After the new executive takes over, DeMarinis will assist with the transition for a brief period. These are recent developments that have been shaping the company's trajectory.
InvestingPro Insights
As Agilysys, Inc. (NASDAQ:AGYS) welcomes Joe Youssef to its executive team, the company's financial metrics reflect a robust market position. An analysis of real-time data from InvestingPro shows that Agilysys holds a market capitalization of approximately $2.96 billion. The company has also demonstrated a strong revenue growth of 18.54% over the last twelve months as of Q1 2023, with a gross profit margin of 61.68%, indicating efficient operations and a solid grip on cost management.
InvestingPro Tips highlight that Agilysys is trading at a high revenue valuation multiple, which suggests that investors are willing to pay a premium for the company's sales. This can be attributed to the company's consistent revenue growth over recent quarters. Additionally, Agilysys is trading near its 52-week high, with its price at 94.24% of this peak, reflecting investor confidence in the company's performance and future prospects.
For investors seeking more in-depth analysis, there are over 10 additional InvestingPro Tips available for Agilysys, including insights on earnings revisions and profitability projections for the year. These tips, along with detailed metrics, are accessible through InvestingPro's platform for those looking to make informed investment decisions.
With Youssef's appointment and the company's solid financial standing, Agilysys appears poised to continue its trajectory of growth and innovation in the hospitality software solutions sector.
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