Høvik, Norway – February 20, 2019
Business Analyze, SaaS provider of business analytics and reporting, increased revenues for its cloud analytics platform with 77% from 2017 to 2018.
New customers include Stampen, one of Sweden’s largest media companies and newspaper owners, Papyrus, a major distributor of office paper in Europe, Viking Ventures, venture capital and investment firm, and Væksthuset – Den Erhvervsdrivende Fond, to name a few.
High growth is expected to continue in 2019.
Global demand for business analytics has been on the rise the past years due to digitalisation and increasing needs to understand growing amounts of customers data. Now we also see the rise here in Northern European B2B markets,” says Einar Gynnild, CEO at Business Analyze.
“The more companies automate processes, move applications to the cloud, and change their business models, the more data they capture and store. That data is increasing difficult to understand and interpret without the right tools. It’s often spread across different databases or apps. At some point, spreadsheets don’t suffice anymore. Business leaders know this and they are turning to business analytics software.”
Business Analyze had relatively stable revenues from startup in 2002 through to 2016. But 2017, was a turning point. In 2017, more than 50 companies chose Business Analyze’s new cloud analytics platform. The growth continued into 2018 with 77% revenue growth for its cloud-based solution.
From headquarters in Norway, Business Analyze expanded and opened new Danish offices in Køge and Velje. The first month of 2019 has continued strong.
Shift from ‘nice to have’ to ‘must-have’
“As business analytics software shifts from ‘nice to have’ to ‘must-have’, our role is to make sure that software is easy to buy, to use, and to adapt. Current markets change fast, and analytics tools must provide forward-looking insight that will help companies look ahead and stay ahead of those changes.”
There are many exciting applications and results. Last week, for example, Business Analyze was invited to Thon Hotels company gathering to discuss how their Business Analyze cloud platform has opened opportunities to understand booking trends, analyze guest behavior and plan sales strategy.
“We look forward to many new projects in 2019. We will continue to work closely with customers by providing local support and consulting services. We will continue to investment in product development, new talent and strategic partnerships so we can attract and serve a larger number of new customers,” concludes Gynnild.