The year at OpusCapita so far - A CEO perspective
As the Nordic summer vacations are starting, I would like to look back at the eventful first half of 2019 and also to offer some insights on what exciting things lie ahead for OpusCapita and our customers.
Of course, the biggest news for us was the ownership change that we announced in March 2019. This has been in the works for a while and in March, Posti group finalized an agreement to transfer ownership of OpusCapita to Providence Equity. OpusCapita now has an owner with deep experience of building SaaS businesses and a strong commitment to support our successful growth. Providence is investing to accelerate our strategy and will enable us to even better fulfill our purpose to Digitalize Global Trade - One Customer at a Time.
In addition to marking a new chapter in the OpusCapita story, I see this change as a validation of our operational priorities and strategic vision. I am fully confident, especially now after a few months under new ownership, that the partnership with Providence will allow us to continue developing world-class solutions and supporting our customers in their digital transformation journey.
With the support of Providence, we are building OpusCapita into a modern SaaS-based business that digitalizes and automates our customers processes. Our SaaS revenue is already growing by over 30% a year. We are working to roll-out the latest cloud and html5-based releases of our products and migrate customers off some of the older installations that have served us well over the years. While staying true to our purpose, we are realigning ourselves internally to better support our customers' goals of digital transformation.
In addition to this, I am pleased that we are deploying more source-to-pay (S2P) solutions to large customers in the Nordics. Nordic customers have traditionally been more focused on invoice automation than e-Procurement while in Germany it has been the other way around. There is now an increased awareness and interest in both regions for the benefits of end-to-end S2P solutions. OpusCapita is well positioned to support customers in these roll-outs.
During this past year, we have strengthened our Customer Advisory Board program with events organized for both cash management and source-to-pay. The advisory boards are a formalized communication channel that allow us to align development priorities with the interests and needs of our most important customers.
While progress this past year has been strong, some things didn’t go quite according to plan and some of you may have felt the pain of some of the challenges we have faced in our paper invoice processing services and complex project deliveries. We are continuously working to strengthen our team and ways of working with our partners. Many of these challenges are primary motivating factors in our decision to accelerate the transition of our customers towards electronic transactions. We want to take our customers digital!
On top of that, we are exploring some interesting acquisition possibilities that would allow us to complement the existing services in our offering and get broader geographic coverage. Such transactions are not the foundation for our strategy, but when the right opportunity comes along, we are ready to make a move thanks to our new owners.
Exciting times are ahead and I look forward to the next six months of digitalizing global trade with each one of our customers.
Patrik joined OpusCapita Group as CEO in October 2015.In his previous role as CEO of VC-funded start-up MariaDB Corporation, he built MariaDB into the fastest growing relational database used by the likes of Google, Amazon, Red Hat and Barclay’s Bank.