Nortal closes fiscal year 2023 with double digit growth and revenue of €224 million

According to Nortal Founder and CEO Priit Alamäe, macroeconomic pressures have influenced the pace of customer spending and buying behaviors, creating a challenging environment unlikely to improve in 2024. “Our strong results in 2023 demonstrate the passion and dedication of our global teams, and the continued demand for our services,” said Alamäe.

We are well-positioned, blending extensive industry expertise with advanced technology and delivery capabilities to help build resilient organizations and businesses with a robust digital foundation to accelerate growth.

Despite global macroeconomic shifts, data, cybersecurity, and more recently, AI, remain central to transformation strategies, according to Alamäe. “We continue to invest in new technologies, cybersecurity, and generative AI, while also enhancing our delivery and consulting capabilities to create long-term value at speed for our customers,” added Alamäe.

We carry on implementing our dual-brand strategy. Under this approach, Nortal specializes in offering digital transformation across the whole value chain from strategic consultancy to software engineering, while Pwrteams, introduced as a new brand in 2022, focuses on providing cross-border IT and engineering teams.

In 2023, we invested in new offerings globally with a particular emphasis on GovTech and defense. “Our ambition is to deliver end-to-end transformations with tangible socio-economic impact and to redefine the potential of digital government services,” said Alamäe.

We expanded to the UK, accelerated greenfields in Canada and Saudi Arabia, and established new delivery centers in Mexico and Egypt. Last year, we also completed an acquisition to bolster Pwrteams’ capabilities and enhance access to talent.

Acquisitions remain an integral part of our growth strategy. In early 2024, we issued bonds for €50 million to refinance the existing bond and further accelerate growth through acquisitions in North America, the UK, and the DACH region in the coming years.