Ørn Software

Continued growth in Q2 2021

News

Ørn Software

3. september 2021

Ørn Software Holding has reported its results for the first quarter 2021, showing NOK 145.5 million in annual recurring revenue (ARR), a growth of 103 percent year-on-year. Operating revenue in the first quarter was NOK 37.8 million, 93 percent higher than in the same period last year. Adjusted EBITDA increased with 69 percent to NOK 8.5 million, implying an EBITDA margin of 22.4 percent.

“The second quarter of 2021 was another strong quarter for Ørn Software where we continued to deliver on our aggressive expansion strategy driven by active M&A and organic growth. During the second quarter we announced two acquisitions: Landax and Rapal. These highly attractive additions to our portfolio are perfectly aligned with our M&A priorities, increasing our ARR, broadening our product offering and growing our geographical footprint. The Rapal acquisition was closed in July, but if it was included in Q2, ARR would have been NOK 205 million. Cross sales and synergies on product and technology development across our portfolio is an important part of Ørn Software’s growth story. In Q2, we have continued our work to enhance our sales capacity to leverage the broad product portfolio and potential for cross sales,” said CEO of Ørn Software Sten-Roger Karlsen.

On the back of the three successful acquisitions in 2021, Ørn Software has decided to upgrade its 2025 revenue growth ambition. The new target is to grow ARR organically to NOK 430 million, compared to the previous goal of NOK 300 million. This means that the implied target for organic growth rate remains unchanged. The long-term ambition of EBITDA margin above 40 percent remains unchanged.

“We have a strong portfolio of software solutions for real estate management, data-driven maintenance scheduling, quality management, and energy optimization, with customers in all Nordic countries. This is a highly attractive segment, with an estimated Nordic market potential of NOK 12 billion, of which only NOK 2.6 billion is currently being served. We expect to maintain a leading role in this space in the years to come, building on our high user satisfaction, evidenced by very low churn rates, proven M&A methodology and strong sales performance. After the successful listing on Euronext Growth in Q1 2021, we have a strong financial platform to deliver on our ambitions,” said Sten-Roger Karlsen.

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