After significant investments in technology over nearly a decade, 24SevenOffice achieved a positive EBITDA (earnings before interest, taxes, depreciation, and amortization) in the first half of 2015 of approximately 1 million NOK. Throughout, 24SevenOffice has had an ambition and goal to become one of the leading SaaS/cloud-based ERP systems for medium-sized businesses.
To develop the advanced functionality necessary for businesses with several hundred employees and hundreds of millions in revenue, as well as to scale to hundreds of thousands of companies in the same system, substantial investments in software development are required, especially in Norwegian standards.
24SevenOffice is now one of the few cloud-based ERP systems in Europe designed for larger companies. 24SevenOffice has now surpassed 9,000 active businesses with tens of thousands of users/employees managing their finances, projects, and customers in the ERP system.
To handle an annual growth of nearly 30%, 24SevenOffice has rewritten its core technology to use an advanced memory database for authentication – the same database used by Facebook for authorization. This provides extreme scalability, where other cloud-based systems that have not made this investment will encounter bottlenecks in the future.
24SevenOffice has always focused on being a leader in technology. The total investment in the company amounts to hundreds of millions of kroner. To put this colossal effort by the development team at 24SevenOffice into perspective, it can be mentioned that SAP has invested several billion in creating a pure cloud-based version – and has had to withdraw it several times. Another example is Visma, which eventually launched its cloud solution based on a white label, where the technology is developed by Acumatica in Russia.
24SevenOffice will continue to focus on technology development, and the company's investment philosophy is to reinvest in new technology and growth, as well as international expansion, as long as the company has a positive operating result.