12:03 PM EDT, 07/22/2024 (MT Newswires) -- Sangoma Technologies ( SANG ) , a business communications platform provider, on Monday said it repaid $5.3 million in debt in its fiscal fourth quarter, bringing total debt repayments to $9.7 million.

The company said this was the first of a series of planned payments aimed at reducing its debt to under $60 million by the end of fiscal 2025.

Sangoma added that its enterprise architecture program remains on track for substantial completion during fiscal 2025, positioning the company for enhanced operations and improved cost management.

The company said it is also expanding its go-to-market strategy, resulting in notable advancements in the sales funnel. It also achieved commendable increases in its support team customer satisfaction and net promoter score.

"Our continued self-funded investments in technology, customer experience, and debt reduction, reflect our commitment to sustainable growth and long-term value creation for our shareholders," chief executive Charles Salameh said in a statement.

Sangoma shares were last seen up $0.27 to $6.80 on the Toronto Stock Exchange.

Price: 6.80, Change: +0.27, Percent Change: +4.13