Nitor revenue grew 15 % in 2019
Jun 11, 2020, 10:06 AM
The Helsinki and Stockholm based software company Nitor’s revenue increased by 15 % in 2019 to approximately 29 million euros. The operating income of 2019 grew to 5,4 million euros (+22 %). The Covid-19 pandemic has affected several industries, but the exceptional times have also raised the demand for digital services. Nitor’s revenue has continued to grow by 20 % during January–April 2020.
The digital engineering company Nitor continues its organic growth with a 15 % increase to its revenue in 2019, reaching close to 29 million euros. Operating income increased by 22 % to 5,4 million euros compared to the previous year.
Nitor, the company known for its high customer and employee satisfaction, has grown its revenue each year, and its compound annual growth rate (CAGR) has been around 30 % during the past four years. The company is debt-free and has held the highest AAA credit rating for 12 years in a row.
The decidedly low-hierarchy company renewed its leadership during the winter of 2020 when one of its founders and the COO Olli Auvinen took the reins as the CEO. Matti Vilmi, the previous CEO since the founding of the company in 2007, will continue as a Senior Advisor, taking charge of coaching the next generation of Nitor’s leadership.
“We had a successful year in 2019, and our clientele and financial position continued to strengthen. This year looks promising as well, despite the exceptional circumstances. There is a demand for sustainable digital development, now more than ever, as digitalization is accelerating at an increasing pace. Our revenue has continued to grow by 20 % during 2020,” Olli Auvinen says.
Nitor has expanded its offering during recent years. Along with developing and designing digital services, the demand for data driven operations and analytics, and Lean-Agile transformation consulting services has increased among its clientele. Nitor has responded to customer demand by constantly developing its services and for example, launching a 24-hour DevOps service.
The company develops its operating models on a broader scale too. Nitor was selected as Europe’s third best place to work in 2019, and it now employs more than 200 digital engineers in Finland and Sweden. Nitor’s company culture, which emphasizes transparency and continuous learning, has helped in transitioning to remote working conditions. For example, Nitor has moved its trainings to online environments and arranged webinars in themes such as crisis resilience.
“There’s no way to predict the future, but we can affect the outcome. Even though the Covid-19 pandemic has caused uncertainty, we will continue to act as a trusted and financially stable partner to our clients. We have signed multiple new partnerships this spring and we will continue recruiting new talent along with upcoming projects. Our goal is to keep on working closely with our clients and continue offering the great service we are known for,” Auvinen says.
Olli Auvinen, CEO, Nitor
Tel. +358 (0)40 509 6248