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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 22:21

Revenue of Nortal grows 11% in 2017

BC, Tallinn, 29.06.2018.Print version
The consolidated sales revenue of the software and technology company Nortal in 2017 rose 11% on year to 48.3 million euros, while earnings before interest, tax, depreciation and amortization (EBITDA) rose 2% to 5.3 million euros, informs LETA/BNS.

The company last year showed stable growth and strong results on nearly all home markets, chairman of the management board and founder of Nortal Priit Alamae said in a press release. The main leaders of growth were the United States, Finland and Estonia, where the volume of the orders of existing customers increased.


The company in 2017 focused on investments supporting growth and several significant changes took place. According to Alamae, among the more important events are the establishment of a subsidiary in the U.S., expansion of the company to the United Arab Emirates for servicing local customers and a bond issue in the amount of 15 million euros to finance the expansion.


"Compared to the same period a year before we have grown 25% in the first half of this year and hope to continue in the same tempo also in the second half of the year," Alamae said. He said that Nortal is planning to strengthen its position both on existing markets as well as expand to new markets.


The number of people employed by the company increased significantly last year and will likely exceed the 800 mark by the end of this year. "Increasing recruitment capacity for fulfilling business needs has been one of the biggest challenges within the company, and will also continue in the future by moving to the next growth phase," Alamae said.


"We are proud that we were able last year to establish ourselves in the U.S. and expand cooperation with one of the largest telecommunications company there. We hope to continue growing on the U.S. market also this year," Alamae said.


Looking back at last year, Alamae also highlighted the launch of the self-service portal of the Finnish tax authority and continuing cooperation with global production companies in Finland and Sweden with the aim of increasing the efficiency of their production processes. Other achievements highlighted included expanding cooperation with the Estonian Tax and Customs Board, as a result of which an user friendly self-service solution will be brought out in 2020.


In addition, Nortal in 2017 completed a large project of the Estonian Unemployment Insurance Fund, which enable the launch of the workforce reform, saving Estonia an estimated 200 million euros in the next few years. A project was started in Oman, which will enable the local Ministry of Finance to start collecting value added tax and simplify and automatize immigration processes for the Ministry of Manpower.


The company last year also launched an innovative tool called Datarada, which helps manage delicate personal information in information systems and automatically monitor compliance with the stricter than before Personal Data Protection Act.


Nortal is a multinational strategic change and technology company with customers including governments and leading companies across the world. The company's aim is the development of a smoothly and efficiently functioning society through the simplification and optimization of complex processes. Nortal carries out projects in approximately 20 countries and the company employs more than 700 people carrying out projects in Europe, the Middle East, Africa and North America.






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