A successful 2020 and off to a good 2021
A word from our CEO:
Looking back, with the uncertain impact of the pandemic, and how it would affect us, 2020 turned out to be a very good year in terms of sales and results. Itello’s turnover increased by 14 % to SEK 375 million, of which we are very proud and happy. This thanks to many of our customers also continued to make investments, despite this peculiar period.
Moving into 2021, our goal is to grow outside the Nordic region with the vision to become the leading provider of policy administration systems in Europe. For the last two years, we have been working hard preparing ourselves to take this important position. We have focused on developing our policy administration system, Inca, making it more "partner enabled". Hence, our strategy is to develop collaborations with the right partners in new markets so that we can carry out migrations, configurations and management of the system together. We see great opportunities ahead and I am very optimistic about establishing at least one partnership in Europe by 2022.
Meanwhile, 2021 was off to a good start. A great success has been our development and expansion in Norway, gaining new customers and making investments in new projects. At the beginning of 2021, Nordnet, the leading Nordic digital savings and investment bank, extended their implementation of Inca to underpin its service offering addressing Norway’s newly introduced Egen pensjonskonto (EPK). This is a true partnership, which should serve as a fine example of how Itello’s offering is directly connected to business development and growth strategies for life and pension providers.
In Sweden, we in partnership with Future Core Cloud. just signed a multi-year contract with PP Pension, a mutual occupational pension association for the Swedish media and information industry. PP Pension will migrate to our policy administration platform using the cloud-based Itello Live offering.
Furthermore, we appointed Magnus Hansson, currently Chief Financial Officer at Lime Technologies, to our Board of Directors. He is a welcome addition to our board, bringing relevant experience to Itello and we value his perspective on the B2B software market, and his understanding of industry trends.
At the same time, we have continued to grow our business, making successful recruitments to our offices in Stockholm and Umeå. We have grown from 203 employees in 2019 to 222 employees in 2020, primarily within product development and delivery capacity. And we continue to grow.
Finally, stay tuned for some major news. On April 21, we will announce our new comprehensive offering and our new and re-energized brand, which represents the leading Life and Pension Industry provider we are today. A true, life-long business partner committed to the digital transformation of the most critical area in the industry.
Mats Lillienberg, CEO Itello