A press conference was held on October 19, during which we had the opportunity to summarize our activities in H12022r and present the “Euvic2030” strategy, which, by strengthening the main pillars of the business, aims to achieve revenues of PLN 4 billion in a perspective of no more than 8 consecutive years. We also discussed the consolidation of IT services around the NewConnect-listed eo Networks and preparations for the IPO.
H12022 Summary
We have been implementing the Integrator 2.0 strategy since 2020, consistently expanding the scope and comprehensiveness of our services. Currently, our activities are developing in as many as 6 segments: Software Development, Body/Team Leasing, IT Infrastructure, Commerce Transformation, Innovation and Performance. We operate in a 360° model, guaranteeing customers access to competencies and services in every IT area, supporting digital business transformation.
In 2021, Euvic Group’s total revenues amounted to PLN 1.06 billion. The forecast for this year calls for nearly 20% growth to PLN 1.27 bilion. In this year’s first half, we generated total revenue of PLN 590.7 thousand. The Group’s 12 largest companies are responsible for 84 per cent of this result.
According to the new development strategy, we expect revenue of PLN 4 billion. In 2030.
International growth and acquisitions
As part of our crisis strategy adjustment, we are focusing on increasing the commercial potential of overseas markets and establishing a network of service and competence centres in several regions of the world. We plan to develop business centres in the US, UK, DACH, Ukraine and Israel. As part of these activities, we have established two new international branches: Finland (Euvic Suomi) and Dubai (Euvic UAE). To support the development of international operations, Ola Hesselroth has joined Euvic’s board of directors, taking on the position of vice president. Euvic UAE’s customer portfolio includes, among others, the country’s leading telecommunications operator.
As previously announced, we are focusing on dynamic growth through acquisitions. We plan to finalize 8-10 transactions by the end of this year. As a result of one of them, Ukraine’s Exoft has joined the Group.
Exoft is, with more than 80 programmers, a software house headquartered in Lviv. It has clients in the US, Scandinavia and New Zealand. Exoft’s experience primarily includes foreign assignments in several industries, mainly logistics and medical, consistent with Euvic’s business development direction.
“Our ambition is to keep the process of conducted acquisitions at the level of about 10 operations per year. There is a chance that by the end of this year, we will be able to achieve this goal. Talks on further transactions are still ongoing. We intend to focus on Poland but are also active in Ukraine. The decision to go in this direction is due to the pace of development and the level of the IT industry, which is as high in this region as it is in Poland. At the same time, company valuations have dropped significantly due to Russia’s onslaught. We already employ about 5,000 people, many of whom are programmers. This gives us a huge advantage in the market.”
Wojciech Wolny, CEO and founder of Euvic.
Further professionalization of operations, based on the involvement of highly qualified management and cooperation with experienced investors, also occupies an important place in our development strategy.
Development of eoNetworks within the Euvic Group structures
EoNetworks is a company specializing in developing and maintaining software solutions and providing maintenance services to the corporate market and the public sector. They joined the Euvic Group in April 2021. This year, the Euvic IT service team was incorporated into the company’s structures. As announced last year, the company is expanding its programming production department, with eo Networks programmers acting as one of the managed teams on new projects, including for the retail industry.
“Since eo Networks joined the Group, we have gained confidence and are operating much more boldly. After last year’s capital commitment to Tekker, we have started talks and negotiations with more startups. We have also signed a letter of intent with Hand2Band and are finalizing an investment agreement. This step will allow us to double the size of our software team and develop services related to, among other things, building and maintaining transaction systems and other e-commerce support solutions. We look forward to announcing another investment in the coming days, this time from the IT area.”
Blazej Piech, CEO of eo Networks S.A.
The company is also strengthening its communication and image activities. In the past months, it has undergone a rebranding and changed the headquarters of its software house.
Plan for the trading floor
With plans to debut on the Warsaw Stock Exchange, we have completed the change of legal identity to a joint-stock company. We are awaiting the appropriate entry in the National Court Register.
