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Nortal’s 2021 revenue grows to 131 million euros, EBITDA up by 59%

Nortal HQ, June 30, 2022

In 2021, the group revenue of the multinational strategic change and technology company Nortal increased to €131M, up by 31% YOY. The company’s consolidated EBITDA grew by 59%, to about €27.5M in 2021.

After breaking a revenue threshold of €100M in 2020, Nortal continued impressive growth last year, recording its best results. “We want to differentiate by our willingness and ability to take full accountability for the complex engagements we deliver as opposed to individual services, and our customers appreciate this. For our people, it is important to understand the ‘why’ behind our work, and we take pride in the fact that our seamless teams are delivering a strong positive impact for our customers and the communities we operate in,” commented Priit Alamäe, Founder and CEO of Nortal.

The increase in revenue from new customers and the expansion of existing accounts was driven by growth from all geographies where the company operates. The company expects to continue a similar growth trajectory in 2022.

Most of Nortal’s revenue came from strategic consulting and software development projects and related advisory and digitalization services. The customer portfolio is dominated mainly by large organizations operating in telecommunications and media, healthcare, heavy and process industries, logistics, and financial and public sector customers.

The core objective of the Nortal management team is to show strong results in 2022 and change how the industry currently works. “Our purpose is to deliver our customers the future and do it seamlessly – this is our main operating principle, and we have aligned our strategy, structure, and modus operandi accordingly. We are equipped to continue strong growth in 2022 and build on our purpose to take full accountability for delivering the desired impact for our customers,” added Alamäe.

Developing the best workplace for talent

As of the end of 2021, the group’s total headcount was 1,218. In addition to having a solid local presence in its target geographies, the company is actively developing a global talent pool worldwide. This is accompanied by redesigning the workflows and processes to become a remote-first organization offering the freedom to work from anywhere.

“With a strong physical presence in our markets across time zones, we get the best of both worlds: customer intimacy and an understanding of local culture and business practices combined with global talent pools. Talent is scarce, and we are investing greatly in the growth and development of our people to make Nortal the best company to work at,” said Alamäe. 

Global highlights: digital transformation capabilities coupled with strong industry business domain knowledge

2021 served as an accelerator for even greater digitalization on a worldwide scale, and the company took full advantage of the alignment of its core capability value chain and offerings portfolio with the strong demand for digital transformation from the public sector and enterprise clients across industries.

Nortal proved its ability to take full accountability for delivering major digital transformation projects across continents that redefine public services, lay the digital groundwork for future cities, and help build future-proof products for global enterprises.

The past year marked several successful launches of government services-related digitalization projects, which included implementing an AI-powered decision-support system for the Estonian Unemployment Insurance Fund, launching a new e-voting information system for Estonia, digitalizing the German government services, and contributing to stable and robust tax collection in Finland through ongoing efforts in modernizing the Finnish tax system.

Building on its purpose of delivering the future, the company successfully finalized the first building blocks of cognitive infrastructure for a future city that creates a new model for urban living, and started the implementation of the nationwide register-based census in the Kingdom of Saudi Arabia.

Nortal started laying the groundwork for the strategic expansion in Canada to bring recognized expertise in delivering complex digital transformation initiatives in Industry 4.0, natural resources, transportation, and eGovernment to the Canadian market to further strengthen its presence in the North American market.

Today, Nortal Group’s business activities encompass 23 locations on four continents: With the head office in Tallinn (Estonia), the group’s business activities are performed from Tartu (Estonia); Helsinki, Oulu, Turku, Uusikaupunki, and Jyväskylä (Finland); North America (Seattle, U.S. and Vancouver, CA); Berlin, Hamburg, Cologne, Dresden, Potsdam, Hanau (Germany); Muscat (Oman); Vilnius and Kaunas (Lithuania); Krakow (Poland); Lviv and Kiev (Ukraine), Belgrade (Serbia); Dubai (United Arab Emirates).

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