Nortal reports increased revenue, operating profit for 2018 ({{contentCtrl.commentsTotal}})

Nortal headquarters in Tallinn.
Nortal headquarters in Tallinn. Source: (Nortal)

Tallinn-based technology company Nortal published its 2018 business results on Thursday, indicating growth both in revenue and operating profits. While the company's revenue increased by 38 percent to €66.8 million, its operating profit was €7.4 million, 39 percent more than in the previous year.

According to founder and CEO Priit Alamäe, Nortal expect their rapid growth to continue also in 2019. Alamäe also pointed to a recent €50 million bond issue, aimed at raising capital for further expansion into the German, Nordic and U.S. markets.

In a press release published on Thursday, Alamäe said that significant investment in Nortal's presence in Germany as well as the acquisition of American cloud modernization and software development company, Dev9, were the most important steps taken in 2018.

"We estimate that these regions, along with the Nordics, will become the largest contributor to the growth of the company in 2019," Alamäe said.

Recent projects, among them the establishment of centers focusing on cloud development in both Helsinki and Vilnius, have also seen the company's staff expand very rapidly. In 2018 alone, Nortal increased its head count by 35 percent and now has 850 employees.

The consequence of the fast growth of the company's staff is further investment in new offices in Belgrade, Vilnius, Helsinki, Oulu, Stockholm and Seattle as well.

Nortal is a multinational technology company currently present in 10 countries across Europe and the world.

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Editor: Dario Cavegn

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