e-conomic reports a revenue of DKK 42 million in 2009 compared to 30 million in 2008

Danish e-conomic, who provides accounting software as a SaaS product, reports a revenue of DKK 42 million in 2009 compared to 30 million in 2008. This leads to a bottom line surplus of DKK 3.8 million. A more mature market and a rapid development on markets abroad allows for expectations of an additional 40 per cent increase in the growth rate of 2010, according to CEO Torben Frigaard Rasmussen. The accountants secure Denmark the leading position.

More than 24,000 customers in the segment of small and medium-sized companies today use online accounting from e-conomic. Of those 24,000 customers, the majority is located in Denmark. According to Torben Frigaard Rasmussen, the continued growth is largely influenced by the movement of the market in Denmark towards online services.

- It is still primarily Denmark that drives growth as the market for business applications matures. Simultaneously, our product development has resulted in us taking market shares from a number of our strong competitors on the market, says Torben Frigaard.

Further growth in 2010

e-conomic has subsidiaries and offices in Denmark, Sweden, Norway, England and recently introduced financial management in Germany, Poland and Spain. The international strategy and expansion has been costly, and Torben Frigaard Rasmussen expects that these investments will bear fruit as the foreign markets mature as well.

- Our subsidiaries abroad are getting up to speed, and since online services are becoming still more popular all over Europe, we expect to maintain the elevated organic growth targets of approx. 40 per cent for 2010, says Torben Frigaard Rasmussen.

Cooperation with accountants

According to Torben Frigaard Rasmussen, the strong leading position in Denmark owes to the fact that accountants are taking full advantage of and are marketing online accounting in their efforts to gain a more efficient and dynamic customer influx.

- While newly started companies are aware that simpler and cheaper solutions are available, accountants have taken a serious step towards efficiency improvement of their business processes with online bookkeeping. Today e-conomic cooperates with around 2000 accountancy and administration firms, and this has resulted in the Danish market maturing faster than our markets abroad, Torben Frigaard explains.

The head office of e-conomic is located in Copenhagen, and the company employs 60 staff. In the second quarter of 2010, e-conomic will open offices in two more countries – Finland and France.

Further information:

Torben Frigaard Rasmussen, CEO at e-conomic, 26 16 33 90