24SevenOffice Strengths, Domain Expertise, and Key Differentiators
24SevenOffice is Scandinavia's first 100% web-based fully integrated, Cloud-based solution. With 24SevenOffice, companies get a fully integrated ERP system with everything from Accounting, CRM, Project & Timer. Each module can be purchased loosely, for example, start with CRM and add other modules later as needed.
24SevenOffice Recent Developments
In October 2021, 24SevenOffice acquires Smartbob AS. Smartbob has developed Prisolve, a 100% cloud-based financial reporting system that is already integrated with 24SevenOffice. The software allows customers to do advanced financial reporting and is tailored for accounting firms, auditors and managers including CFOs. The reporting system is flexible and customizable to fit each customer's specific requirements as well as having several reporting templates, including regulatory reporting for accounting firms. The employees in Smartbob AS will continue to work in 24SevenOffice and we will continue to invest in the platform and advanced financial reporting software in 24SevenOffice. There are substantial upsell opportunities to existing 24SevenOffice customers as well as being a stand-alone software offering in the market.
24SevenOffice Mergers and Acquisitions (M&A) Activities
In September 2021, 24SevenOffice acquires 51% of Of Low AS (cloud-based debt collection software which is already integrated with 24SevenOffice). The software makes it possible for customers to both send reminders directly themselves or buy an outsourced reminder service from Oflow. Oflow has a subsidiary with a debt collection license in Norway. This enables customers in 24SevenOffice to have a fully integrated, one-click, debt collection service within the 24SevenOffice portal. Oflow had approximately 2.5 MSEK in revenue the last 12 months with a breakeven EBITDA.
In January 2021, 24SevenOffice Scandinavia AB has acquired all the shares in the Swedish company Exicom Software AB which has developed advanced project management software targeted at large enterprises. The acquisition strengthens 24SevenOffice Scandinavia AB´s position in the enterprise market and adds customers such as Forsakringskassan, Scania, Axfood, Statistiska centralbyran och Lansforsakringar to the customer list. With this acquisition, 24SevenOffice Scandinavia AB increases and strengthens its presence in the Swedish market.
In September 2017, 24SevenOffice acquired a majority stake in Credité Consulting AB. To handle the rising demand for onboarding services from Swedish ERP customers and accounting firms, 24SevenOffice acquired the majority in Credit Consulting AB with 14 consultants certified on 24SevenOffice's system.
24SevenOffice Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying 24SevenOffice applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of 24SevenOffice and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified 24SevenOffice ERP customers.
Ownership: - 247:AKT
Number of Employees: 107
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K677, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
24SevenOffice Key Enterprise and Cloud Applications
24SevenOffice Revenues, $M:
|Type/Year||2020||2021||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
24SevenOffice Revenue Breakdown By Type, $M:
|Type||License||Prof. Services||Hardware||Support & Maintenance||SaaS||PaaS||IaaS||Other (Non Enterprise Application Revenues)||Total|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe||100%|
24SevenOffice Enterprise Applications Revenues By Functional Markets, $M:
24SevenOffice Enterprise Applications Revenues By Verticals, $M:
24SevenOffice Revenues By Region, $M
|Region||% of Total Revenues||2021 Total Revenues, $M||2021 Enterprise Applications Revenues, $M||2021 Cloud Applications Revenues, $M|
24SevenOffice Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
24SevenOffice Customers - Breakdown by Geo, Size, Vertical and Product
No. of 24SevenOffice Customers: 59900
No. of 24SevenOffice Enterprise Applications Customers: 59900
No. of 24SevenOffice Cloud Customers: 59900
No. of 24SevenOffice Cloud Subscribers: x
The company’s customers in 2020 are primarily businesses in Norway and Sweden. The number of customers has grown by 20 percent between 2019 and 2020 and as of December 31, 2020, the company had 59,900 customers in Scandinavia. Among its customers are PwC, KPMG, Høyer and HAB Construction and many others.
24SevenOffice Market Opportunities, M&A and Geo Expansions
In September 2021, 24SevenOffice has signed a partnership agreement with the Norwegian bank, BRAbank ASA. With this partnership, 24SevenOffice has a solid partner with the required banking licenses in order to continue to deliver financial services to its existing client base and to new customers. The partnership agreement covers both the possibility to deliver financial services on the Pay by 24SevenOffice technology and through the 24SevenOffice ERP system.
In August 2021, 24SevenOffice re-launch of the digital payment technology (previously called OptinPay) acquired from Optin Bank ASA. The digital payment solution has been named Pay by 24SevenOffice and is now in production. Since the acquisition of the technology, 24SevenOffice has managed to transfer the comprehensive technology platform, including taking over the hosting, re-negotiated necessary agreements and adapting the platform to the new situation.
In January 2021, 24SevenOffice Scandinavia AB acquire 94.5% of 24SevenOffice US Inc and 51% of Masterplan Inc and all the European IPR to the 24SevenOffice platform from R-Venture AS (the "Transaction"). The consideration paid in the Transaction amounts to SEK 200 million. The consideration will be SEK 170 million in cash and SEK 30 million in 24SevenOffice shares. The Transaction is expected to be completed during Q1 2021 provided that all conditions are fulfilled, including due diligence and approval from the shareholders of the Company of the purchase of the European IPR from R-Venture AS. Staale Risa, the CEO of 24SevenOffice, comments: “We’re very excited to consolidate the 24SevenOffice platform and be able to expand outside the Nordic region. The North American business is already well established and is growing very fast with exciting clients, and we also see important synergies with our existing business. The European IPR opens up a much larger marketplace for our solutions and enables us to pursue an accretive M&A strategy.”
To handle the growing demand for onboard services from Swedish ERP customers and accounting agencies, in May 2017, 24SevenOffice acquired Credit Consulting AB with 14 consultants certified on the 24SevenOffices system.
24SevenOffice Risks and Challenges
24SevenOffice's challenge is to strike the right balance between boosting its Cloud applications and reviving its VoIP business, the latter of which was a drag on its results in 2018. Breakthrough on the American market software market will be a challenge in the next years.
24SevenOffice Ecosystem, Partners, Resellers and SI
24SevenOffice, the AI-powered cloud ERP company announced the appointment of Bard Kristensen as the company's new Chief Sales Officer (CSO), starting his position on October 1, 2021. Kristensen is proven experience driving success in the ERP space for ERP companies such as IFS, sales director at Visma Enterprise and Country Manager Norway and Account Executive Large Accounts in Workday. Kristensen will now lead 24SevenOffice´s sales organization.
Headquartered in Oslo, Norway, the 24SevenOffice is currently present in Scandinavia, UK and US market. 24SevenOffice is part of the OpenAjax Alliance, the industry group dedicated to technologies and Web programming techniques known as Ajax.
24SevenOffice Cloud Infrastructure Insights
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- 24SevenOffice Public Cloud and Infrastructure (IaaS)
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- 24SevenOffice Application Delivery
- 24SevenOffice Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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