Enfusion Inc (NYSE:ENFN), a leading software-as-a-service (SaaS) platform for investment managers, stock rose 0.85% (As on March 13, 11:21:03 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 23. Fourth quarter adjusted EBITDA totaled $9.8 million, translating into an adjusted EBITDA margin of 21%, representing a 436 basis points expansion compared to the same period a year ago. This outcome is attributable to a combination of disciplined expense control and improving scale. Despite a challenging and turbulent industry backdrop, throughout 2023, the company saw growing momentum in Q4 that led to 45 new client additions, the biggest quarterly client win since the second quarter of 2022. This brings the total client count to 865, a new firm record. The ACV increased to $219,000, another firm record, representing a 1% quarter-over-quarter and 6% year-over-year growth. The progress upmarket continues to broaden our client base and has contributed to the continued ACV increase. In the Americas, revenue grew 15% year-over-year, reflecting a combination of market share gains and wins for large and complex clients in competitive situations. In Europe, Middle East and Africa, revenue grew 24% year-over-year. In the Asia Pacific region, revenue grew 7% year-over-year, which is an outstanding result, given the regional capital outflows and a challenging geopolitical and economic backdrop.

ENFN in the fourth quarter of FY 23 has reported the adjusted earnings per share of 4 cents, missing the analysts’ estimates for the adjusted earnings per share of 6 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 15 percent to $46.49 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue by 2.04%.

Additionally, Enfusion has signed Mariner Investment Group, a prominent alternative investment manager with $7 billion AUM. Mariner will have 70-plus users utilizing the platform across trading, portfolio management, operations and technology. In addition, the company has signed the first asset manager in Belgium and a large multi-family office in Sweden

Enfusion projects a 2024 revenue range of $200 million to $210 million. The company plans continued investment in product innovation and customer service. Focus on technology capabilities and market presence expansion is a priority for 2024. Enfusion aims to expand free cash conversion and anticipates stock-based compensation to be between $19 million and $20 million.