Software development company Uptime is rapidly increasing its revenue

uptime growth in 2023

Despite the current economic conditions, Uptime’s revenue and profit have increased by 25% compared to the previous year. The group’s revenue exceeded 16 million euros, and EBITDA was 3.7 million euros. Although customers have become noticeably more cautious in all markets this year, the growth of financial performance continues.

The secret to success lies in building trust

Uptime’s CEO, Eero Tohver, believes that the cooling economic climate has led to a consolidation of markets. “Customers prefer larger companies with a more resilient and long-term project-focused business model,” comments Tohver. Uptime is dedicated to establishing and maintaining long-term partnerships with clients, with a primary focus on project development, maintenance, and support on software infrastructure.

Growth and mergers continue

“Organic growth and mergers have been our strategy for the past 10 years,” notes Tohver. He is confident that regardless of changes in the economy, the company can continue to follow a similar growth strategy as before. Uptime has already established its presence in Norway, Denmark, Poland, and Switzerland, but interesting negotiations are currently underway in both the Estonian market and DACH region. 

“We hope that the current market situation will encourage some smaller companies to consider the advantages of working together,” Tohver comments. The goal is not to take over companies, but to find partners by purchasing a stake and continuing to collaborate. Based on our experience, expansion typically brings in a new and excellent team and interesting partners, ultimately creating a foundation for internal development and providing better and higher-quality services to customers.

What does the future hold?

The CEO of the company, Tohver, expresses confidence in the future, seeing new opportunities in the uncertainty of the economic situation, including better negotiations. “If we feel that the economy is improving, then we are ready to invest. However, we do not expect a very significant jump within a year,” Tohver comments. Currently, the most important thing for Uptime is to maintain a consistently high service level, find new customers, and expand the team. Despite major layoffs occurring in the start-up sector, Uptime continues to recruit and grow.

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