Itera grows and further increases scalability
Oslo, 25 October 2022

Itera continued its strong growth trajectory in the third quarter with an increase of 23% in operating revenue and an operating margin of 5.9%.

The company is investing in its new offices in Central Europe and has hired a new manager to expand in the Swedish market.

Itera reports operating revenue of NOK 170.9 million (NOK 138.9 million) for the third quarter of 2022, which represents a growth of 23%. Operating revenue for the first nine months was NOK 530.4 million (NOK 434.2 million). The annualised growth rate the last 24 months has been 20% with an average EBIT margin of 11.7%.

"We are very pleased with the growth of the company in the third quarter, which we are experiencing at the same time as we are investing in new locations and markets, employees and cloud services", says Arne Mjøs, CEO of Itera.

To speed up digitalisation in various industries, Itera has invested more than NOK 30 million in a digitalisation factory for data-driven businesses, in the cloud. The Digital Factory at Scale encompasses all our services, from digital strategy, customer experiences and cloud transformation journeys to cloud migration and modernisation, data-driven development, use of artificial intelligence and management of the entire product lifecycle.

"It’s all about doing more for less. While industries and markets are being affected differently by the backdrop of the current macroeconomic environment, there is one common theme: all strategies lead to technology, particularly cloud, data, AI and security – all fundamental elements of our Digital Factory at Scale", says Mjøs.

Itera’s headcount at the end of the third quarter of 2022 was 701 as compared to 589 at the end of the third quarter of 2021. This represents an increase of 122 employees (19%) over the last 12 months, of which 40 during the third quarter of 2022.

Arne Mjøs

– We are very pleased with the growth of the company in the third quarter, which we are experiencing at the same time as we are investing in new locations and markets, employees and cloud services

Arne Mjøs


Total operating expenses in the third quarter of 2022 were 29% higher at NOK 160.7 million (NOK 124.6 million). This includes around NOK 5 million in start-up costs for recruitment, offices, administration, and onboarding of new employees at the company's three new locations. For the first nine months, Itera’s operating expenses was NOK 472.6 million (NOK 375.3 million).

The operating result before depreciation and amortisation (EBITDA) for the third quarter of 2022 was a profit of NOK 18.7 million (NOK 20.6 million), giving an EBITDA margin of 10.9% (14.8%). For the first nine months EBITDA was NOK 80.8 million (NOK 77.3 million) with an EBITDA margin of 15.3% (17.8%).

The operating result (EBIT) for the third quarter was a profit of NOK 10.2 million (NOK 14.3 million), giving an EBIT margin of 5.9% (10.3%). For the first nine months EBIT was NOK 57.8 million (NOK 58.9 million) with an EBIT margin of 10.9% (13.6%).

Itera has appointed Joachim von Ekensteen as the new CEO in Sweden to strengthen their efforts there. He has extensive experience from distributed delivery models and has, among other things, been responsible for building up Sopra Steria's delivery capacity in Central Europe.

"I see exciting partnerships, solid services and a genuine desire to make a difference. Itera is what I would call a 'people company' where people grow together with the customer and the company," says Joachim von Ekensteen, CEO of Itera Sweden.

Over the last 3-4 months, Itera has established three offices in accordance with their growth plan. These new locations are Brno in the Czech Republic, Žilina in Slovakia and Kraków in Poland. Their office in Kraków will serve both local new hires and their colleagues from Ukraine that have relocated to the Kraków area.

"We have built a strong ONE Itera culture based on organic growth, rather than acquiring companies. According to McKinsey, companies that grow organically experience a higher shareholder return than those that grow based on acquisitions. In addition, we are customer-centric, and part of our success lies in being close to the customer and understanding their needs. Most of our top customers have been with us for five years or more", says Arne Mjøs.

The revenue from Itera's 30 largest customers accounted for 83% of its operating revenue, which is six percentage points higher than in the third quarter of 2021. New customers accounted for 9% of revenue.