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News June 29th, 2023

Another record year for us in 2022, with expansion and new markets in focus in 2023

We wrapped up the 2022 fiscal year with revenue up by 45% and consolidated operating profit by 31%. In 2023, we are investing in expanding service offerings within AI and cyber resilience, expanding to the UK market, and establishing a delivery center in Latin America.

According to Nortal Founder and CEO Priit Alamäe, 2022 was another record year for the company globally. “We have been achieving remarkable double-digit organic growth for the past five years and showing strong financial results across all home markets in Europe, North America, and the GCC region,” says Alamäe.

We increased total consolidated revenue in 2022 by 45% to €189.8 million. Our consolidated operating profit (EBITDA) grew by more than 31%, reaching €36 million in 2022.

“Economic slowdown at the beginning of 2023 has been noticeable, but despite the continued macroeconomic challenges the demand for our core value proposition and services has remained strong, showing the dedication of our teams, proof of the resilience of our business model, and the relevance of our go-to-market,” adds Alamäe.

We have been achieving remarkable double-digit organic growth for the past five years and showing strong financial results across all home markets in Europe, North America, and the GCC region

Expanding to the UK and Latin America

In 2023, we are bringing our offering for public and private sector customers to the UK market and establishing delivery capability in the LATAM region to service North American customers. We are continuing the planned growth trajectory on all home markets in Europe, North America, and the GCC, focusing on accelerating in the company’s new markets in Saudi Arabia and Canada.

We are well positioned as a key partner for end-to-end seamless digital transformation across private and public sectors. Most of our revenue globally comes from strategic consulting, software development projects, and related advisory and digitalization services. The customer portfolio is dominated by large enterprises and organizations operating in telecommunications and media, healthcare, heavy and process industries, logistics, and financial and public sector customers.

Nortal Tark combines the capability of LLMs to understand questions and summarize answers. Essentially a ChatGPT-like experience with your own company data.

AI and cyber resilience in focus

Just this month we launched Nortal Tark, an AI offering that harnesses the power of Large Language Models (LLMs) to bring value from our customer’s data on their terms securely and smartly.

According to Nortal Chief Technology Officer Dragan Gaijc, “Nortal Tark combines the capability of LLMs to understand questions and summarize answers with the richness of your company data that resides in so many diverse assets such as documents, memos, reports and emails that have piled up to unimaginable quantities. Essentially a ChatGPT-like experience with your own company data.”

Nortal Tark pays homage to our company’s roots; “tark” translates to “smart” in Estonian. Nortal was established in 2000 in Estonia, widely recognized as the most advanced digital society in the world.

Following investments into cyber resilience services to bolster our portfolio in 2021, we are continuing to invest in the development of the Cyber Range software – a Digital Twin automation platform – to enable our customers to increase their resilience against the proliferating cyber threats.

We are glad to bring the Nortal brand to Latin America, the region that is on a fast track to becoming one of the key global tech hubs with a great talent and tech community.

Continuing to invest in high-quality delivery capabilities

Following the acquisition of Skelia, an international leader in building cross-border IT and engineering organizations in Eastern Europe, earlier in 2022, we launched a new service brand, “pwrteams” at the end of the year. The brand builds on Skelia’s strong experience in extending customers’ internal technology and engineering teams and delivering high-demand specialized talent.

We are now expanding in Latin America, establishing the first delivery center in Guadalajara, Mexico. According to Alamäe, Latin America is on a fast track to becoming one of the key global tech hubs with a great talent and tech community. “We are glad to bring the Nortal brand and an award-winning employee experience to this new, promising region – giving top local talent the possibility to work on the exciting digital transformation projects that Nortal is recognized for.”

Abstarct image showing Nortal Tark solution

Read more about Nortal Tark

Nortal Tark is an AI offering harnessing the power of Large Language Models (LLMs) to bring value from our customer’s data on their terms.

Find out more

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