13th March 2009: e-conomic, the leading European provider of online accounting, announces today its 2008 financial results, revealing revenues in excess of £3.8million for the year to the end of December.
Showing an increase of 60% on 2007, the rate of growth looks set to continue in 2009 with a record breaking one thousand new customers joining in January alone. Despite the slowdown in the wider economy, e-conomic is forecasting annual growth for 2009 of 40 - 45%, a confident affirmation of IDC predictions that the SaaS market as a whole will grow by 40% in the course of the year.
e-conomic’s CEO, Torben Frigaard Rasmussen, is delighted with the firm’s performance: “These figures are our strongest results yet. We are at the forefront of a major change in the way businesses and accountants use accountancy software and that change is gathering momentum year on year. Clearly the global economic climate is challenging, but it is driving people to SaaS and so we see it as a great opportunity and have high hopes for 2009.”
Steve Lane, Partner at Finbooks, commented: “Using online accounting is far more efficient and frees up a lot of time, especially the tools such as document management and scanning. It means we can provide all our SME clients with an end-to-end business administration service, regardless of size or industry. Online systems like economic make our business model possible – and indeed, successful.”
e-conomic is entirely self-funding with no requirement to go to the stock market or take on venture capital. In the eight years since it was established, it has never made a loss and growth has been generated organically. e-conomic is used by over 17,000 customers and 3,000 accountants and bookkeepers from sole practitioners to some of the large accounting firms including KPMG, Deloitte and Ernst & Young. Operating in Denmark, Norway, Sweden and the UK, it serves customers in over 60 countries worldwide.
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For more information, please contact:
Sarah-Jayne Douglas
Spotlight Communications
Tel: 07909 546104
Email: sj@spotlightcomms.co.uk
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