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:
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
