TotalSoft, one of the largest providers of digital business solutions in Central and Eastern Europe, announces a 19% increase in its turnover for Q1/2024 versus Q1/2023, to EUR 8.9 million.
The company also set a conservative target of 11% increase in its turnover in 2024 compared to the previous year, in line with the average market growth estimated for this year. Although official target is set conservatively at EUR 34,5 million, management is confident that a 15% YoY growth can be achieved.
TotalSoft also reaffirms its commitment for innovation and providing products and services that bring value and competitive advantages to its customers and announces an investment of more than 5 million euros to continue the development of its portfolio of solutions to meet new market demands, and of its team and network of partners.
The investments committed for the period 2024-2025 will ensure TotalSoft a significant growth, the company going to reach an annual turnover of 100 million euros until the end of 2027.
In this context, the company’s shareholders approved an increase of the share capital to 31.4 million euros, a strong statement in the process to reach the proposed development goals.
19% increase in turnover in Q1/ 2024
TotalSoft recorded a 19% increase in turnover for the first quarter of 2024 compared to the same period in 2023. This growth is mainly attributed to the launch of new products and the adoption of emerging technologies, but also to the expansion into new foreign markets with dedicated financial industry solutions such as Origination and Client Portal. Thus, in the coming years, TotalSoft is preparing for a significant growth, supported by the strategic investments carried out in recent years and currently.
In 2024, in the context of a global software market expected to grow by approximately 13.8%, TotalSoft will strengthen its position by continuing strategic investments aimed at its products dedicated to the fields of manufacturing, distribution, financial services and construction ans estimated its revenues will increase with 11-15% in 2024 YoY.
Investments in Artificial Intelligence-based solutions, in team development and international expansion
In 2023, TotalSoft invested more than EUR 5.5 million in the development of its product portfolio, and in the first half of 2024, the investment value already exceeded EUR 2.8 million. In total, over the past three years, the company has made record investments of over EUR 13.5 million, demonstrating a constant commitment to innovation and development.
“The year 2023 was full of challenges, but it also brought numerous opportunities to improve our products and internal processes,” said Gorkem Tursucu, CEO of TotalSoft. “We invested heavily in Charisma solutions and continued to support the development of the team.”
Significant investments in research and development (R&D) have enabled the company to integrate emerging technologies into its product suite and develop new functionality and software solutions. An example could be the launch of cloud or SaaS versions of several solutions, such as: ERP, Financial Solutions, HCM Solutions, Chatbot, WMS, Onboarding & Contract Origination.
Totalsoft has also opened its solutions to integrations with various applications and technologies to provide complete digitization solutions to its customers. At the same time, investments targeted the technology infrastructure needed to migrate to cloud and SaaS solutions that offer flexibility and scalability to customers. This was doubled by the advanced cyber security measures implemented to protect TotalSoft’s customer data and applications.
To support growth, in 2024, the company launched two internship programs – under the auspices of “TotalSoft Bootcamp” – for the recruitment of new talents with the aim of supporting the accelerated development of young people in the area of consulting in digital solutions and software programming.
In parallel, TotalSoft invests in the automation of digital solutions based on Artificial Intelligence.
The increase to EUR 100 million in turnover in 2027 will also be based on the expansion of the local and international partner network, which will sell, implement and develop the business software applications suite, Charisma.
Share capital increase
To support the investments, the company also announces the increase of its share capital to EUR 31.4 million.
In parallel, the company enters a process of changing its shareholding structure, in the following years a reversal of the role of the two shareholders will take place. By 2027, the minority shareholder will become the majority, holding 85% of the shares. Logo Yazılım A.S., the current majority shareholder, will continue to have an active role within TotalSoft, contributing to the organization’s development strategy, and will retain a minority stake.
