Selling and buying
NORRIQ has not looked back since the company sold its Drink-IT division, which developed a specialized ERP solution for the beverage industry, in the spring of 2023. Subsequently, NORRIQ acquired a department with 80 employees specializing in digital solutions for the financial sector from one of the major accounting firms in Belgium and simultaneously bought out the remaining investors.
CEO Bo Martinsen has thus assumed the role of sole owner of NORRIQ, which today appears more streamlined and focused than ever before. A solid financial statement for 2023 underscores that the strategic shift has also borne fruit economically.
NORRIQ concluded 2023 with a gross profit of DKK 183 million, corresponding to a growth of 50 percent compared to 2022 (DKK 121.8 million). EBITDA doubled to DKK 27 million (from DKK 13.8 million), and the result increased from a loss of DKK 470,000 in 2022 to a profit of DKK 151 million in 2023. The company has more than 300 employees across seven locations in Denmark and Belgium.
“This is an exceptionally good result, of which we are very proud. 2023 was a year marked by major strategic decisions, and it feels great that we set our sights correctly. Our expertise remains unchanged. We will continue to lead in digital transformation and transition to the cloud, but we have a sharper focus on selected industries where we can add extra value through our expertise and technological capabilities,” says Bo Martinsen, who founded the company in 2007.
Back to basics
In 2023, NORRIQ sold its Drink-IT division to American company Aptean and a division specializing in add-on solutions for Microsoft Business Central to Swedish Signup Software. With the acquisition of the department from the accounting firm in Belgium, NORRIQ has gained 80 new employees specializing in the financial sector.
“We are now a pure consulting firm specializing in digitalization. When we develop software now, it is to facilitate technical processes related to integrations and implementation. We have implemented digital solutions in over 1,000 companies globally, so it is an area we know a lot about and where we have deep industry experience,” concludes Bo Martinsen.
