Since its high-profile IPO in late June, the stock price of comScore (NASDAQ:SCOR) has remained fairly steady. Yet based on last week's fiscal Q2 report, it appears that growth is ramping up nicely.

comScore has an extensive offering of products to measure online behavior and traffic, which is based on 2 million online users. Verizon (NYSE:VZ), Google (NASDAQ:GOOG), Yahoo! (NASDAQ:YHOO), and Microsoft (NASDAQ:MSFT) are among its larger customers.

comScore's Q2 revenues came in at $20.8 million, which was up 23% over the past year. Project revenues were up a mere 3% and that's a sign that the company is trying to convert as much business as possible to recurring subscription revenues. In Q2, about 78% of revenues were from subscription sources.

Operating cash flow increased from $0.14 million to $4.5 million. The company also posted an impressive 60% increase in operating income from $1.6 million to $2.6 million. The increase is most likely attributable to revenue growth.

With the proceeds of its IPO, comScore has about $100 million in the bank; the company is putting the money to work with investments in infrastructure, sales reps, and new products. So far, comScore's Campaign Metrix suite is getting traction and the company plans to launch several more products in Q3. Over the years, the company has been adept at cross-selling to its growing numbers of customers -- it now has more than 800.

There is also lots of opportunity for growth in foreign markets. In Q2, comScore reported about $2.3 million in foreign revenues, which was a 78% year-over-year increase. Global clients include France Telecom (NYSE:FTE) and Nestle.

And as the Internet gets more sophisticated, there is more room for product innovation. For example, comScore plans to launch a system for mobile platforms next year.

comScore is estimating full-year revenues to be around $85.9 million to $86.7 million, which represents 30% to 31% year-over-year growth. comScore should see momentum building as it couples increasing revenue growth with a rise in operating income. There could be a potential for an upside in the stock.

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Fool contributor Tom Taulli, author of The Complete M&A Handbook, does not own shares mentioned in this article. He is currently ranked 4,156 out of more than 60,000 participants in Motley Fool CAPS.