Interim report, July - September 2021

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Net sales increased by 24% year over year. Consolidated net sales ended at 51,503 (SEK 000s). EBITDA totaled -1,934 (SEK 000s). Operating profit, EBIT, was -17,318 (SEK 000s). Profit after tax was -18,459 (SEK 000s). Earnings per share was SEK -0.27.

CEO's comments

24SevenOffice continued its growth journey in the third quarter with a total operating revenue of 51.5 MSEK, a 24% increase from last year. The 24SevenOffice team continues to grow and we are building an organization ready to take the company to the next level. We are also gearing our sales and marketing efforts in all our markets in line with previous communications, which results in a planned negative EBITDA for the quarter. 

Even though our long term target is profitable growth, we are currently investing in future growth. Based on the fact that we are targeting mid-sized and large organisations and are shifting the organisation towards the enterprise market, which has longer sales cycles, we will not see immediate effect. As communicated in the previous report we need 3-4 quarters to get the visible effects on the quarterly reports. However, the aftereffects from the early start of covid-19 when we reduced our investment in growth, still has an impact on reported revenue.

The new CSO with extensive experience from building enterprise ERP sales department started in October and has already strengthened the operational management team in 24SevenOffice. I am looking forward to seeing the results, both the short term quick wins and the long term strategic effect.

Product update

We have over the last quarter progressed on several technology investments, both internally and through acquisitions which will provide long term growth effects. 

The onboarding process of signed AI deals is progressing with a target of having a substantial amount of the signed customers and transactions onboarded by the end of the year. The financial effect on the quarterly reports will be limited in 2021, however all onboarded customers this year will be recognised revenue from 2022 and contribute to our growth going forward.

We are also continuing to develop our payroll solution and have signed approximately 800 companies and 100 accounting partners and will soon reach 1 billion kroner in paid salaries for our customers. The market leader within payroll in Norway, which is an on-premise solution,  has announced their end of life date in December 2022 which will accelerate the demand for a new automated payroll solution. Currently we are onboarding 5-6 new companies daily. 

In the second quarter we acquired the IPR to the payment technology from Optin Bank. 24SevenOffice controls the technology and in the third quarter we successfully relaunched the payment technology in production as Pay by 24SevenOffice. In September we signed a partner agreement with the Norwegian BRABank ASA in order to have a partner with the required licences to offer financial services to the 24SevenOffice customers and we are now working on integrating the technology with the bank partner. The situation has delayed our original fintech launch plans, and additionally we need to build a new organisation to handle this relatively complex and comprehensive business area. This will demand further investments and take some time, but the opportunity for substantial growth from fintech remains.

Expanding offering through acquisitions

We have acquired two new companies with product offerings that will contribute to the growth by selling more software and services to existing customers, at the same time as they provide new ways to open doors to new customers. 

In September we acquired a web-based debt collection solution with a specific focus on creating a holistic flow, providing control and easy interaction between debtor, creditor and accountant. The total potential revenue by upselling and activating these services to existing 24SevenOffice customers is substantial. Activation of the service is expected to be in the first half of 2022.

In October we acquired a cloud based financial reporting system which is already integrated with 24SevenOffice. The software allows customers to do advanced financial reporting and is tailored for accounting firms, auditors and managers including CFOs. The reporting system is flexible and customizable to fit each customer's specific requirements as well as having several reporting templates, including regulatory reporting for accounting firms. There are substantial upsell opportunities to existing 24SevenOffice customers as well as being a stand alone software offering in the market.

Existing revenue from these acquisitions is minor with a total of around 7.5 MSEK per year, but with great upsell potential as part of the 24SevenOffice offerings.We also have around 400 million in cash and are well positioned to do further acquisitions.

We are on track with the communicated strategy to deliver growth back to previous levels within the next 3-4 quarters. With the traction we have in the enterprise AI market with a substantial contractual revenue from signed deals being rolled out the next quarters, revenue from new modules, and effects from the increased investments in sales and marketing, providing substantial leverage to deliver long term growth and return on our investments.

Ståle Risa


This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 11-11-2021 07:15 CET.

For further information please contact:

Ståle Risa, CEO

Tel: +46 70-023 63 03,

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The system is currently used by 66,700 companies, with PwC, among others, as accounting partner. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see