SOFTONE Group: Innovation and Cloud leadership drive performance for yet another year

SOFTONE Group of Companies, a leading provider of Cloud-based business software solutions in the Greek market and which also has offices in Nicosia and Limassol, has announced the strong performance and positive growth rates it recorded in 2022.

This continuing growth results from implementing its long-term strategy, which aims to provide innovative digital solutions with high-added value for both the Group’s partners network and its customers, the company said.

Strong performance

According to SOFTONE, once again, all of the Group’s KPIs increased substantially, including turnover which was up by +40.7% (to €36.2 million) and EBITDA profitability which increased by +33% (€8.3 million). As regards Q1 2023, turnover has reached €11 million, recording an increase of +40.8%, while respectively profitability has reached €4.6 million, up by 42.6%.

According to projections for 2023, SOFTONE Group estimates that turnover will reach €49 million, with an EBITDA of €12.8 million, laying the foundations for even stronger performance in 2024. In addition, it is estimated that the share of Cloud sales will soar to 57% in 2023, up by +64%. It is worth noting that in 2022 recurring revenue exceeded 75% of total turnover, rewarding SOFTONE’s long-term investment in the Cloud and the Software-as-a-Service (SaaS) model.

The CEO of the SOFTONE Group of Companies, Panos Martinis, stated, “The outstanding financial results of 2022, as well as the solid performance of indicators so far this year, reaffirm SOFTONE Group’s leading position in the Greek business software industry, resulting from its long-term strategic planning and the robust diversification of its business model. Relying on technological innovation, its strong partners network, targeted acquisitions, and strategic partnerships with trustworthy vertical solutions providers, SOFTONE Group has consistently been at the forefront of developments in the domestic business software market, generating high value for all members of its ecosystem. Focused on our strategic plan, we continue to firmly develop best-in-class products and services that make SOFTONE Group the leading end-to-end digital transformation solutions provider in the Greek market”.

Leadership strategy

SOFTONE Group implements a successful business model with a high capital adequacy, ensuring its leading position in the market and even better prospects for 2023. The organisation’s strategy is based on six pillars of growth:
• Nationwide network of 600+ specialised partners. Counting over 600 companies throughout Greece and 4,500 developers and consultants (with 10,000+ product certifications), SOFTONE’s partners network builds long-term relationships with businesses, implementing solutions that fully meet their operating needs. Specifically, in 2022, the total estimated generated value of the SOFTONE Group ecosystem exceeded €89 million, and is expected to surpass €120 million in 2023.
• Cloud leadership and cutting-edge technologies. With more than 50,000 customers on the Cloud, the share of Cloud services in the Group’s total turnover reached 47% in 2022 – a percentage that is particularly high even for the wider SE European market (on a trajectory to exceed 57% by the end of 2023).
• Strategic acquisitions with strong targeting. With the aim of expanding into new markets and creating direct synergies, SOFTONE Group proceeded with five targeted acquisitions during the 2022-23 period (Greece: IMPACT, cosmoONE, REGATE and AppSoft, Romania: QBS). It is worth noting that the joining of forces of SoftOne, IMPACT and cosmoONE, means that 350,000 businesses (suppliers and customers) are interconnected on a common platform, while that of the first two in particular (SoftOne and IMPACT), has led to the creation of the largest Certified e-Invoicing Provider in Greece, which has already transmitted more than 100 million invoices (70% of all invoices transmitted to the myDATA platform of IAPR by e-invoicing solutions).
• Expanded portfolio of business software solutions. The range of commercial products and services developed in-house, combined with the integration of the companies acquired, compose a comprehensive portfolio of innovative digital solutions that fully meets the transformation needs of both back-office and front-office processes of modern businesses.
• Entry into international markets. Having invested over a number of years in expanding its activities in the wider region of SE Europe, SOFTONE Group runs fully staffed offices in Romania, Bulgaria and Cyprus, steadily grows its network of partners and localise its products to meet operating needs, thus achieving in 2022 an increase in turnover of more than 50% in these markets.
• Multidisciplinary Executive Team and Board of Directors of international acclaim. SOFTONE Group’s strategy for growth is consistently implemented by the Group’s experienced and qualified management team, which is supported by a BoD comprised of prominent members of the Greek and international business software markets, with a broad perspective, extensive knowledge, and a strong desire for innovation.

Based on the methodical implementation of its long-term strategic planning and propelled by the momentum of its performance in 2022, SOFTONE Group will further accelerate the growth of its activities, steadily driving developments in the domestic business software market.