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Ørn posts record strong growth in the third quarter

Ørn posts record strong growth in the third quarter

News

Ørn Software

19. november 2021

Ørn Software has reported its results for the third quarter of 2021, showing NOK 214.2 million in annual recurring revenue (ARR), a growth of 197 percent year-on-year.

“We are highly committed to continuing the growth story and delivering on our long-term targets”, says Sten-Roger Karlsen, CEO of Ørn Software. The company had record growth in Q3 with its best-of-breed solutions for worksite management.

Ørn Software has reported its results for the third quarter of 2021, showing NOK 214.2 million in annual recurring revenue (ARR), a growth of 197 percent year-on-year. Operating revenue in the third quarter was NOK 59.5 million, 208 percent higher than in the same period last year. Adjusted EBITDA increased by 269 percent to NOK 18.2 million, implying an EBITDA margin of 30.7 percent.

Vaerste_Stadion_Fredrikstad

Photo: Værste is one of our many good customers. Værste uses ServiceBook to manage a football stadium in Fredrikstad, among other properties.

“The third quarter of 2021 was another strong quarter for Ørn Software where we continued to deliver on our expansion strategy driven by active M&A and organic growth. During the third quarter we closed the acquisition of Rapal, which is the largest acquisition in Ørn’s history. We are delighted to welcome Rapal to the Ørn family. Rapal represents a highly attractive addition to our portfolio, as well as our first step into the Finnish market. Our offerings are very complementary, and we have already started working together to enable delivery of combined solutions,” says CEO of Ørn Software Sten-Roger Karlsen.

Ørn is continuing to strengthen its position as a leading Nordic Software-as-a-Service (SaaS) company and is supporting a wide range of industries with value creation through a comprehensive suite of best-of-breed worksite management software.

“Continued focus on value-creating M&A is a high priority. At any given time, we are considering multiple acquisitions in the Nordics, and we believe there is significant room for growth. Over time, we will seek to expand beyond the Nordics. Our ambition is to be recognized as a dominant European SaaS company with best-of-breed solutions for worksite management,” says Karlsen.

Read the Q3 2021 report here

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