Nachfolgend die Aussagen des Managements aus der Q&A Session in Rahmen der Q3 Zahlen Präsi, für alle die es ggf. noch nicht gelesen habe. Finde die Aussagen doch ziemlich positiv und im Zusammenhang mit dem ARP sollte hier jetzt nicht mehr allzu viel anbrennen. Wäre natürlich toll, wenn das Wachstum bei Bolt jetzt und in 2017 merklich anzieht. Dann müsste man über die Bewertung von Bolt sicher nochmal völlig neu nachdenken mit entsprechend Auswirkungen auf den fairen Unternehmenswert. Aber das ist erst mal noch Zukunftsmusik....
Question-and-Answer Session
Operator
Thank you. We will now begin the question-and-answer session. [Operator Instructions] Our first question from the line comes from Kirk Materne from Evercore ISI. Please go ahead.
Q - Ted Lin
Hi, this is actually Ted Lin on for Kirk. Thanks very much for taking my question, and good morning everyone. So I know you guys aren't giving guidance for 2017 yet, but directionally, what we should be thinking about in terms of growth rate for 2017 for the remaining three businesses?
A - Walter Buckley
Yes, we were encouraged by what we are seeing in the growth in the second half of '16 versus the first half, so the growth is accelerating, and we would continue to expect that to accelerate as we look into 2017 and growing to our long-term targets of 15% to 20% from a revenue growth standpoint. We continue to see good bottom line leverage, I think -- seeing the improvements that we saw with operating cash flow, we should continue to see that.
A - Kirk Morgan
And I will just add, I think that we were very encouraged by what we saw in the booking especially at Bolt and Flio this quarter. And Bolt at 4.5 -- over $4.5 million of ARR in 2016, we really begin to be recognized in Q4, but majority of it will be in '17, and so I think we are setting ourselves up for a good 2017.
Q - Ted Lin
Great. So, could you actually go into a little more detail on Bolt? Are you thinking right now that the business is going to pick up in the back half of the year and the early part of 2017, given the strong bookings trends that you are seeing?
A - Walter Buckley
Yes. I mean, the short answer is yes. I mean the -- we will begin to recognize some of that revenue in Q4, so you are going to see growth accelerate in Q4, and really throughout 2017 as we are able to recognize this revenue once the customer is integrated into the platform. So we feel good about that, I mean I think most of that growth is coming from existing customers. And so, what we would like to see now and the pipeline
continues to build is new customer signings, and we are encouraged by what we see, but these are long complex sales cycles and we would like to see coming off a couple of those down and I think that could set ourselves up for a terrific 2017.
A - Kirk Morgan
Yes. And the team at Bolt has done a great job on the bottom line in terms of costs controls. So I think as we see the revenue that Buck is talking about, beginning to be recognized, we should see good operating leverage on the bottom line as well.
Q - Ted Lin
Got it, thank you. And then last one for me FolioDynamix and VelocityEHS are expected to be cash flow positive for 2016 and I think, looking ahead to 2017, are you expecting to be operating cash flow positive overall? Thanks.
A - Walter Buckley
Yes, I mean, we haven't specifically give up the guidance for '17. We are working on that, but we would continue to see those two businesses be operating cash flow positive, and we should be making continued improvement on the bottom line on a consolidated basis from an operating cash flow perspective.
Q - Ted Lin
Great. Thank you very much.
Operator
And our next question comes from Jeff Van Rhee from Craig-Hallum. Please go ahead.
Q - Jeff Van Rhee
Great. Several for me, the -- starting with Folio on the SAS acquisition, $4 million revenue base paying $1.5 million plus earn-out; on the $4 million, what's the historical trend here in terms of the growth and how should we think about -- I guess profitability, where are they now and then going into '17, is that a business that you see notable gaps that need to be plugged with spend?
A - Walter Buckley
Jeff, the last part of that question, I couldn't…
Q - Jeff Van Rhee
So, I am wondering as you look at their operations, in the past you had businesses that had very light, for instance S&M, or maybe some catch up on R&D et cetera as you look at -- or do you need to invest there?
A - Walter Buckley
We're stepping back for a second. I think talking about the independent RA market, it's a market that Folio, we believe is very attractive from an opportunity standpoint. It's large, it continues to grow, it's by and large less automated than the other segments of the marketplace, and with the new and enhanced rules and regulations that are coming down from DOL the needs to automate and to move into a real compliance perspective has increased significantly. So we find -- I think it's very attractive. We have based on our effort to penetrate the marketplace where we think this allows us to move into it fairly aggressively. And they bring some capabilities that we don't have, you know, much easier, simpler interface, very good execution desk and a good customer base. So, the growth with an asset sale, so I would say over the last 12 months growth has been flat, but the pipeline is strong and I think the combination of the –- of two businesses, you know, the elements that SAS brings and putting that into the Folio platform really position it, because in a way that SAS on its own wasn't really going to be able to leverage. And so, we think it's a one plus one equals a lot more than two frankly.
And from a technology standpoint, it's basically –- well, from a breakeven standpoint it's basically breakeven. Not huge technology requirement frankly, it's more integration. And so we are excited about it. We think we will see good growth as we move into '17. Our pipeline is very strong and I think we have already closed a couple of deals.
Q - Jeff Van Rhee
Got it. And then I guess as you look at '17 specifically as it relates to Bolt and Folio, so Bolt is 4%, I think you commented and 7% for Folio. And then you also gave a lot of color and thank you for that, the granularity around the bookings and the ACVs, as you sort of size that up, obviously you are starting to get a sense of what baseline growth is for '17, for those businesses, you have obviously got pretty good visibility at this point what Q4 probably looks like. Is there -- without getting too precise, I guess, is there at least a floor level that you are comfortable with when you think about Bolt and Folio, you think they ought to grow at least this –- it would be better.
A - Walter Buckley
Jeff, I think a 15% is good for both of these businesses. I mean, just to put in perspective, this time last year Bolt had than 500,000 of ARR bookings, and Folio less than where they are today. So I think it's -- as you said, I think we've got fairly good visibility, but we are still in the middle of our planning, and we will have firm guidance in February, but
15% I think is good for -- and there is no reason -- you know, there is a little bit tailwind that can grow faster.
Q - Jeff Van Rhee
Got it. And then last, I think it's just Velocity, I mean it's just been a fantastic business, you know, shown great leverage, great growth, et cetera. You've obviously got some opportunities to do some cross-selling here with maybe bigger ASPs. How should we think about the new customer capture there? There have been new customer capture engine, it looks like maybe ASPs are ticking up, and customer accounts are ticking down a bit year-over-year, do you envision that business continuing to bang out sort of flattish kind of customer add? Should it decline, should it grow, any color there?
A - Walter Buckley
I think quarter-to-quarter it's hard. I mean, we really need to look at on annual basis. I think that in the near term, you know, flat on a quarter-to-quarter basis probably makes sense as in some of the GHS, tailwind goes away, but ASP should go up in total as we go from 12 to 35 platform sales and up from there. So we're excited about the e3 acquisition. Frankly it brings the whole environmental side of the equation, EHNF platform equation to Velocity, and at least 20%-25% of our customer base are our prime target. So I think for the near term I think flat customer base growth is a good way to think about it, but increasing ASP.
Q - Jeff Van Rhee
I know, jeez, and pilling on it at ever faster rate. Velocity just on e3, just refresh me what the impact of e3 was from a revenue base and what you paid for it?
A - Walter Buckley
Yes. It's very small from a revenue standpoint, less than 500,000 annually. The platform has just been completely revamped from a SaaS perspective, from a cloud perspective. So it's state-of-the-art technology with very small -- very small team, and we paid a low seven figure number for it.
Q - Jeff Van Rhee
Thank you. Thanks.
End of Q&A
Operator
And we're showing no further questions.
Walter Buckley
Well, we would like to thank all of you for joining us on the call this morning, and look forward to reporting our Q4 and full year numbers in February. Thank you.
Operator Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating, and you may now disconnect.
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