The recently published annual report reveals that Uptime showed growth last year despite challenging economic conditions. The company’s revenue increased by more than 3% compared to the previous year, reaching nearly €19 million. Alongside this, the company expanded its European presence once again: in addition to its existing operations in Estonia, Denmark, Poland, Norway, and Switzerland, it opened a new office in Spain.
Last year, Uptime’s sales revenue amounted to 18.7 million euros, while its profit remained on par with the previous year at 3.3 million euros. As in previous years, more than half of the company’s revenue was generated outside Estonia.
“The economic situation remains tense, and the IT market is in a wait-and-see mode, but despite that, we managed to deliver strong results across all markets. This shows that we’ve made the right choices in our expansion and found a business model that works well,” commented Uptime CEO Eero Tohver.
According to Tohver, the IT sector is strongly affected by overall economic trends. “Even so, we continue to be a trusted and preferred partner for our clients, even in challenging conditions. Our long-term clients understand well that smart IT investments are key to success during difficult times,” he added.
A Pan-European Presence
Tohver believes that Uptime’s broad European reach has also supported its business growth. In the second half of last year, the company expanded into Spain by acquiring a majority stake in Madrid-based development company Unatec, which focuses primarily on the energy sector.
Uptime’s expansion model relies on local experts with strong market knowledge to lead each office, allowing the company to react quickly to changing market conditions. “A good example is Poland, where IT companies have traditionally focused on export. However, the current economic climate no longer favours this approach, and our offices in Warsaw and Krakow have instead focused on growing their local client base,” explained Tohver.
Uptime plans to continue its active expansion in the coming years. “We’re in discussions with various companies and looking for the right fit. Our current approach works well – the business is growing, and our clients are satisfied,” he said.
Although economic instability will continue to shape the IT development market in the coming years, Tohver also sees positive signs. “The rapid development of artificial intelligence is making the market more efficient, the long-standing labour shortage has somewhat eased, and new promising business areas are emerging from the current challenges – such as defence, AI development, and increasingly, e-commerce. All this gives reason for cautious optimism,” he added.
Founded in 1992, Uptime specialises in custom software development, business and software analysis, and SharePoint business solutions across Estonia, Denmark, Poland, Norway, Switzerland, and Spain. The company serves as a long-term business partner to many well-known clients, offering services that cover the entire development cycle – from analysis and design to prototyping, software development, monitoring, and maintenance. Uptime employs over 200 top specialists in their respective fields.