Mercell reports growth and margin improvement in 2021

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  • Continued ARR growth to NOK 793 million, +44% year-on-year with organic growth of 18%
  • Revenue +83% to NOK 199 million in Q4 and +126% to NOK 706 million in 2021
  • Reported EBITDA of NOK 59.7 million in Q4 and NOK 105.0 million for 2021
  • Earn-out provisions reversed after downward revision of ARR in Cloudia
  • Adjusted EBITDA of NOK 35.5 million in Q4 and NOK 172.9 million for 2021
  • Current focus on enabling continued strong and profitable growth in the existing businesses
  • Expecting improved EBITDA-margins in 2022, and solid free cash flow from 2022 onwards
  • On track for more than doubling ARR in existing markets in 2020-2025

Oslo, February 24, 2021: Mercell Holding ASA (Mercell) reports 44% growth in Annual Recurring Revenue (ARR) to NOK 793 million at the end of 2021, combining 18% organic growth and acquisitions.

Revenue increased by 83% to NOK 199 million in the fourth quarter. Reported EBITDA was NOK 59.7 million, including special items with a net positive effect of NOK 24.3 million. Adjusted EBITDA was hence NOK 35.5 million, with an adjusted EBITDA margin of 18%.

In the current market environment Mercell is putting the M&A strategy on hold and will rather deploy its resources to enable continued strong and profitable growth in the existing business.

-Our focus is on profitable organic growth in our five core markets in Norway, Sweden, Denmark, Finland, and the Netherlands. We will be working to bring both existing and new customers onto a new and common product platform and expect this to both save costs and generate new revenue opportunities. We see the potential to more than double ARR in our existing businesses from 2020 to 2025, says CEO Terje Wibe in Mercell.

Revenue for the full year 2021 more than doubled to NOK 706 million, with reported EBITDA of NOK 105.0 million. Adjusted EBITDA was NOK 172.9 million, and the adjusted EBITDA-margin improved from 22% in 2020 to 24% in 2021.

- We expect our existing businesses to generate continued revenue growth and improving margins in 2022, and solid free cash flow from 2022 onwards, says CEO Terje Wibe in Mercell.

CEO Terje Wibe and CFO Fredrik Eeg will host a presentation and Q&A session today at 08:00 CEST. Please use the following link to access the presentation:

The presentation will be followed by a Q&A session with the management. Questions may be asked in writing during and after the presentation in the questionnaire below the webcast window.

The report, presentation and the link to the webcast will be made available at:

For further information, please contact:

CEO Terje Wibe                  

Cell: +47 90 83 79 98


CFO Fredrik Eeg

Cell: +47 90 83 33 78


About Mercell Holding:

Mercell delivers services to public and private buyers and our goal is to become the leading software-as-a-service (SaaS)-platform for e-tendering and procurement in Europe. Mercell is already a leading platform for public e-tendering and entered the procurement market in 2020, and services approximately 30,000 customers across 15 European markets and in the US. Mercell's unique marketplace simplifies the tender and procurement process and makes it safe and easy for buyers to find relevant suppliers for their tenders and daily purchasing needs. We also ensure suppliers find relevant business opportunities and offer tools for suppliers to digitally receive and handle purchases from public and private buyers.