2022-09-15
Consid challenges the Danish IT market
PRESS RELEASE 2022-09-14
Consid, one of Sweden’s largest IT companies, is now expanding to Denmark. The company aims to have over 130 employees before the end of 2025. The goal is to become the largest IT company in the Nordics within five years.
-Consid has had record-breaking growth in recent years and emerged from the stress of the pandemic strengthened. The company is stable, and at the same time we envisage extreme economic growth, the time is ripe for the Danish market, says Peter Hellgren CEO of Consid.
The mild recession, which has hit the entire industry hard, has not affected Consid significantly. On the contrary, the company has signed contracts with a large number of new customers in the past six months and managed to keep up a fast pace in recruitment. During the first six months of 2022, Consid recruited over 400 new employees and has now exceeded 1 500 employees. The turnover for the first half of the year increased by 37 percent to SEK 1.057 million, compared to the same period last year. It is far above its competitors, especially considering that the growth is organic. For the full year 2021, turnover increased by 37 percent, from SEK 772 million to SEK 1.057 million. The result was SEK 127.6 million, a profit growth of 26.7 percent.
– Those are fantastic numbers. Especially as we are in a mild recession, where the high inflation, combined with increasing interest rates and falling asset prices, is expected to diminish general demand. We haven’t seen any of that slowdown, says Peter Hellgren.
The Danish economy is similar to the Swedish in many ways. Denmark is also headed for recession, largely due to the energy crisis in Europe with higher inflation as a result. In addition, Denmark also suffers from an acute skills crisis in IT and tech. There is nothing that deters Consid.
– We have already hired our first consultants in Denmark and we do not feel that recruitment will be a problem. Thanks to a balance between customers in the public sector and large private companies, the demand for Consid’s services has increased steadily in recent years. Consid has been largely insensitive to the economic downturn. I am convinced that we will see the same trend on the Danish market, says Carl Hagberg, who will lead the expansion in Denmark.
The Danish adventure begins in Copenhagen, with the goal of having 30 employees within a year. The company already has about ten customers in Denmark, mainly larger companies in banking and finance, but also in the IT and the food industry.