Mitel reports record Q4 results

Mitel's cloud seats increased 83% year-over-year according to the vendor's financial results for Q4 2014 and full year ending December 31st. Total cloud seats installed stands at a milestone 1,039,000.

Other highlights include quarterly and annual revenue of $301.4m and $1.1bn respectively, with record quarterly and annual adjusted EBITDA of $57.9m and $166.9m.

"2014 was a transformational year for Mitel in which we set new benchmarks for our financial results and emerged as a true global market share and industry leader," said Richard McBee, President and Chief Executive Officer.

"Our sales performance speaks to the fact that our broad portfolio of business communications solutions - premise, cloud and hybrid - is able to address the diverse and evolving needs of customers in markets around the world.

"We have carried that momentum into 2015 with confirmation earlier this month that Mitel is now the fastest growing and #1 market share leader in cloud communications, with more than 1,000,000 total seats installed.

"Our foundation is solid, our growth initiatives are delivering, our team is running at full speed, and we are seeing the results of the full scale and power of the new Mitel."

In the fourth quarter Mitel installed over 177,000 new cloud seats, including over 24,000 recurring cloud seats.

Year-over-year, Mitel's recurring cloud seats increased to 269,155, up 122% and its total installed cloud base increased to over 1,039,000 seats, up 83%.

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