Crayon’s success in international markets fuels record-breaking Q3
(OSLO, Norway) -- Crayon Group Holding ASA, the preferred partner on the digitalization journey, today posted another record-breaking quarter fueled by its strong performance in international markets.
Revenue grew to NOK 2.6 billion in the third quarter of this year, which is a 66 percent increase from the same period in 2018. Crayon also had a gross profit of NOK 391 million this quarter, marking a 27 percent growth from last year.
“Crayon is poised for global success. Our exceptional performance in the international markets was the single most important contributor to the strong year-over-year gross profit growth and the improved EBITA that we saw this quarter,” said Crayon CEO Torgrim Takle. “This is all the more impressive considering we have hired three times as many people in the international markets than in the Nordics this year.”
The third-quarter results also showed an adjusted EBITDA of NOK 34 million, a jump of NOK 29 million from the same quarter last year.
Four years ago, Crayon began its journey from a Nordic company to an international one and its growth has been impressive. In 2015 only 25 percent of the gross profits came from international markets, while in the last 12 months that number is 41 percent.
“Our business model is applicable across many geographies and we have built up an unrivalled expertise across core services that enhances our ability to win global customers,” Takle said. “We will continue to strengthen our global footprint.”
Crayon has new offices in Africa, Central and Eastern Europe, and Australia.
“We have delivered success in emerging markets because we know how to thrive in local economies,” Takle said.
Crayon’s positive results were also buoyed by its global cloud leadership that has a cloud mix of 74 percent and the underlying market growth around AI/Machine Learning services. Crayon is the winner of Microsoft’s global Partner of the Year in AI and ML.