Eficode grew 170% last financial year and propels forward with strong customer demand

Organizations' needs for DevOps, Agile, cloud, and ITSM solutions and skills keep growing globally as all businesses become software companies

HELSINKI, Sept. 5, 2023 /PRNewswire/ -- Eficode grew organically and with acquisitions by over 170% in its last fiscal year, from 79,3 million euros to 189,6 million euros. Eficode's compound annual growth (CAGR) during the previous four fiscal years has been 70%.

During the past fiscal year, Eficode grew to nearly 600 employees and contracting consultants for DevOps, Agile, and associated tools and services. Eficode sees a strong connection between customers' need for consulting expertise and sales of licenses, cloud subscription for software development tools, and managed services.

Profitable growth with heavy financial backing

In December 2022, Eficode announced a significant investment from Investcorp, a leading global alternative investment firm. Investcorp became a majority shareholder in Eficode. Eficode's founder Risto Virkkala, CEO Ilari Nurmi, management team, and many employees remain significant shareholders, committed to the ambitious growth journey.

"We already see how partnering with Investcorp has prepared Eficode for the next growth phase. They have the expertise and experience to support our global expansion strategy," says Ilari Nurmi, CEO of Eficode. "In August 2023, Eficode acquired Avoset, and we continue to build Eficode's business both organically and inorganically with Investcorp."

The United States and the United Kingdom became key regions for Eficode

In October 2022, Eficode acquired Clearvision, a solutions provider for Atlassian, Git, and open-source tooling to bolster its growth in the UK and US. For the fiscal year ending on 30 June 2023, the regions became the most significant in terms of revenue, together representing over 40% of Eficode's revenue. The UK and US are essential growth regions because Eficode offers a broader services portfolio for existing customers. 

In addition, Eficode UK has been shortlisted by Best Companies as one of the best small companies to work for in the UK.

Business in Continental Europe grows organically

During the year, Eficode acquired notable new customers in Continental Europe:

• A significant Atlassian consolidation and transformation agreement with a global provider of energy projects, technologies, systems, and services;
• A significant Atlassian migration and license agreement with a worldwide renewals and energy solutions company;
• An Atlassian Cloud migration project and a long-term contract with a global airline based in Continental Europe;

In aggregate, Eficode's business in Continental Europe grew 135 %.

Innovations and AI enter software development

As a notable development in customer demand, consulting services and tools to capitalize on Artificial Intelligence in software development have surged rapidly. Eficode is working with all major technology companies in the software development industry to build a way to global leadership in the ecosystem and to be a driving force during the era of AI-driven software development.

Eficode received Atlassian Partner of the Year 2022 Services EMEA for its outstanding contribution and achievements. During the year, the company was awarded specialization status in all Atlassian areas: Agile at Scale, ITSM, and Cloud. By combining Eficode ROOT, a managed DevOps platform, and Total Support, a productized support solution for companies using Atlassian tools, Eficode continues to provide innovation and customer value.

Gartner recognized Eficode as a Representative Vendor in the recent Gartner® Market Guide for Digital Accessibility. According to this Market Guide, "Gartner expects to see a turning point for digital accessibility akin to the 'General Data Protection Regulation moment' experienced in privacy."

Eficode partakes in the advisory councils for all its major technology partners, Atlassian, GitHub, and GitLab, thus shaping the software development tooling and consulting industry.

Media contacts

Ilari Nurmi, Chief Executive Officer, Eficode. ilari.nurmi@eficode.com, +358 40 577 5084
Lauri Palokangas, Chief Marketing Officer, Eficode. lauri.palokangas@eficode.com, +358 50 486 4918 

The following files are available for download: