Avanade, the Accenture-Microsoft joint venture, disclosed its annual financial results in a Securities and Exchange Commission filing Wednesday. The technology consulting company reported annual revenue of $518 million, a 23 percent increase, and annual profits of $46.7 million, up 49 percent.

Under terms of the joint venture, Avanade only offers systems based on Microsoft technology. In that way, its financial results provide an interesting glimpse into the demand among large corporations for Microsoft's software, including .Net technologies and Microsoft Dynamics business applications.

See this earlier story for more on Avanade. Based on the Seattle waterfront, it's not publicly traded, but it began making SEC filings after the number of employee shareholders passed a regulatory threshold.