Year-end report 2021 with interim report Q4

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October - December 2021

Net sales increased by 23% Y-O-Y. Consolidated net sales ended at 57,404 (SEK 000s). EBITDA totaled -12,343 (SEK 000s). Operating profit, EBIT, was -30,786 (SEK 000s). Profit after tax was -26,887 (SEK 000s). Earnings per share was SEK -0.4.

January - December 2021

Net sales increased by 25% Y-O-Y. Consolidated net sales ended at 210,826 (SEK 000s). EBITDA totaled -18,010 (SEK 000s). Operating profit, EBIT, was -69,864 (SEK 000s). Profit after tax was -87,141 (SEK 000s). Earnings per share was SEK -1.28.

CEO's comments

Growth journey back on track; exceptional strong pipeline next year

24SevenOffice was on its way towards a hyper growth trajectory entering 2021. Throughout the year, a new covid wave and resulting lock-down measures kicked in delaying our growth temporarily. Luckily, we’re now past this minor hold up and the upcoming years 2022 and 2023 are estimated to become one of the strongest periods in the 24SevenOffice’s history. In addition, the company is in an extraordinarily strong financial position with approximately MSEK 380 in cash, well funded for further investments and acquisitions.

I am truly proud of the robust and agile 24SevenOffice organization in 2021. The financial results show a steady growth to MSEK 211 in revenues for the full year, a 24,7% increase from last year, with a negative EBITDA of MSEK 18. During the fourth quarter the company had MSEK 57 in revenues, 23% up from last year, with a negative EBITDA of MSEK 12. These are impressive numbers given the recent covid lockdown and 24SevenOffice’s sale of the Swedish consulting and accounting company Credite. This is also in line with previous communications and is manifesting 24SevenOffice’s growth pace towards 2022 and onwards. We’re expecting a significant positive trend in EBITDA throughout and towards the end of the upcoming year.

We clearly see the market drivers and consumer behavior accelerating the need for businesses to digitize and stay ahead of competition, and this results in a significant spike in demand for 24SevenOffice’s core cloud services such as ERP, accounting and pay-roll services. Our pay-roll solution is truly getting traction and by January 2022 we had in total 2000 customers and 200 partners onboarded, which is more than a 100% increase from the previous quarter, and more than BSEK 1 in paid salaries for our customers. We’re putting all hands on deck to meet the upcoming demand.

The existing roll-out of AI will also strongly influence the financial results for the upcoming year. By the end of the fourth quarter we had more than a 100% increase in both postings and revenues, and we’re expecting the steep development in sales, onboarding and adoption to continue. The AI solution also acts as a spearhead towards larger enterprise clients, where it truly unlocks value for the customers given the high amounts of invoices and economics of scale.

2021 investments paying off

Over the last quarter we have continued the progress on several technology investments, both internally and through acquisitions. Masterplan, our cloud based material planning software, is demonstrating an impressive growth rate and adoption in the US. We have finished its integration to 24SevenOffice and are now launching it in the Nordics.

Time registration by Busy is another investment showing strong growth. YoY growth for this quarter shows more than 300% growth in recurring revenues. In addition to providing direct revenues, it also gives 24SevenOffice reach within new market segments resulting in major up-sell potential. Busy is specifically targeting the creative industry and has recently landed several of the largest marketing bureaus in the Nordics as customers, e.g. Try marketing group.

Lastly, we are also continuing our investments into the fintech and payment space. By the end of the fourth quarter we relaunched our invoice purchasing service together with BraBank towards existing 24SevenOffice customers. We are also aiming to offer open banking functionality in Q1 2022, allowing us to direct payments from accounts directly through the open banking infrastructure. Fintech represents a huge business opportunity, but also accordingly a significant ongoing investment and demands focus from the management. We therefore evaluate different strategic options for this division.

To close the last missing piece in our unique offering, we purchased the cloud based Danish HR software company INNOMATE A/S in January. The Nordic HR-software market is estimated to be more than BSEK 5 with strong growth ahead, and we are thrilled to bring this service to our tens of thousands customers. The unique combination of HR and recruiting, alongside with our existing pay-roll, payment and financing services will create immense synergies and new income areas, through customized and personalized products directly to the several hundred thousands employees of the 24SevenOffice’s customers, such as credit lines and paytech/fintech, pension and insurance plans. The purchase will also act as a strategic spearhead for 24SevenOffice’s future venture into the Danish market.

In December, we achieved the ISO 27001 certification, which is the internationally recognized standard for information security management, for both our Norwegian and Swedish operations. This certification is crucial for landing more complex clients and processes, and it truly emphasizes our focus towards becoming a significant player in the enterprise market.

Strategic changes in the organization

We have also made planned changes in the organization. First of all, I’m incredibly humbled and honored to take over the role as CEO after Staale Risa. He has done a tremendous job over the last few years and I’m impressed by the effort he has put in completing the Spotlight listing, setting up the organization for future growth and navigating the complex and uncertain dynamics of the covid-pandemic.

In order to ensure success for our customers and value for our investors, there are three main areas of focus I will have going forward. First of all, high quality recruiting and maintaining world class employees; crucial for staying competitive and standing out as an attractive employer. Moreover, building a stimulating and market leading tech & AI company in Norway will secure relevancy and innovation for 24SevenOffice. There is a significant upside potential leveraging data and technology in the company. Our new offices in central Oslo will create an attractive tech hub in Oslo, where we will invite strategic partners and start ups to come work alongside us. Lastly, building a marketplace of products and services around our platform, similar to Fortnox, will generate a profitable ecosystem.

All in all, this highlights the thorough and market leading SaaS offerings of 24SevenOffice, and the strong growth focus we have towards the Nordic and US enterprise market going forward. We firmly believe our growth will increase significantly the upcoming year, also leading to a positive trend in the profitability, providing substantial long term value and return on the investments for our investors. I’m excited for the future of the 24SevenOffice family, and looking forward to sharing our exciting upcoming plans with the market.

Eirik Aalvik Stranden


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 24-02-2022 07:30 CET.

For further information please contact:

Eirik Aalvik Stranden, CEO

Tel: +47 480 62 383,

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see