IN2 Group recorded revenue and profit growth in 2021. and announced new acquisitions
How do you assess this business year, which is coming to an end?
In the past year, there have been major disruptions at the global level, which have revealed that processes can be significantly accelerated with the help of technology and thus improve the efficiency of all users in the system. As the pandemic has accustomed us to adapting quickly in the last two years, the importance of the IT industry has become even clearer.
In 2021, the IN2 Group has maintained and increased the good structure of clients, our financial results are growing from year to year; for the third year in a row, we have been recording revenue and profit growth. Our focus is on developing and investing in a wide and quality portfolio of our own products in the areas of healthcare, finance and insurance business, as well as for various economic verticals and a range of software solutions for public administration. We also considered opportunities for more active market expansion, which we managed to do by acquiring SVAM Plus, and growth in this regard is a key part of our development strategy in the future. This year has shown that the IT industry in Croatia is becoming a key generator of economic development and competitiveness. Numerous Croatian technology companies are achieving success worldwide, so it is reasonable to expect that the growth trend of the IT industry will continue in the future. We have surely taken that path.
What were the key business events for you?
We would like to highlight our projects and the aforementioned acquisition of SVAM Plus, who develop, implement and maintain their own business information system. For us, this was a logical move because SVAM Plus with their solutions fit perfectly into the strategic framework of our development and growth in which one of the highlights is certainly the offer of solutions for digitalization and integration of business systems.
Speaking of projects, this year we implemented our hospital information system IBIS® in KBC Split, which means that IN2 IBIS® is presently used in all clinical hospital centers and state clinical hospitals, as well as in most general hospitals in Croatia. We also started the implementation of the business information system OPUS * ERP in the gas storage system operator, the company Underground Gas Storage, and the IN2HR project for human resources management in the Croatian Transmission System Operator (HOPS) was completed. We are especially proud that in 2021 we started our first research and development project co-financed from EU funds, the cooperation with experts of Srebrnjak Children's Hospital, with whom we are working on the development of a platform called "P4" for personalized nutrition in preschool institutions.
We also recorded excellent projects in the region this year, such as the completion of the first phase of the Vzajemna zdravstvene zavarovalnica's digitalization project in Slovenia, which resulted in the implementation of a modern e-branch based on our digital insurance2Digital platform. In Serbia, the implementation of the Insurance2 front office solution in Vojvođanska banka, now OTP banka Srbija, has been completed, which enables the sale of insurer's products in all channels of the bank. The growth strategy in the region is the same as for Croatia: to expand our business by participating in as many diverse projects as possible, but also to seek and acquire strategic partners who will become part of our group.
What do you expect in 2022?
Forecasts show that the economy in 2022 will grow faster than initially forecasted, including the IT industry, which opens, of course, new opportunities for our own progress. The benefits of digitalization have been further highlighted and proven in this crisis period, so we can safely assume that the IT industry expects further progress in business segments that we have previously recognized as those in which we want to develop.
When we talk about the broader market picture, in addition to the availability of experts, which is a prerequisite for further development, the main challenge for even better positioning of Croatia on the IT map of the world is the society’s readiness to accept new forms of business and investment in IT industry as the generator of economy and competitiveness of Croatia. Opportunities for this are numerous and, fortunately, experience shows that we as a society are increasingly ready to recognize and utilize them.
IN2 Group will continue with further organic growth in the coming period. In terms of cooperation with users, next year we will continue to provide support to the health system in the necessary reform moves, but also the segments of justice, land administration, employment, maritime affairs and sports in their projects to improve IT management.
However, I would like to emphasize that we will continue to work intensively on expanding IN2 Group. We have achieved great results and now our key strategic determinant is GROWTH! Both through the acquisition of new IT companies, and therefore new products, and the growth of our portfolio, but also through the intensive internal growth of our people. We are working to further strengthen and develop all our capacities and capabilities. Our people grow with our business and organization. We are strengthening the IN2 group for upcoming acquisitions, not only in the Croatian, but also in the EU markets. That is our goal and that is our strategy, not only for 2022, but also for the coming years. In January we will be strengthening our management team by expanding it with people from within the company, who know the company well, understand our strategy, see the opportunities ahead and know how to seize them. I am very pleased and optimistic about everything we have achieved so far and believe in the future results and achievement of our ambitious business goals.
If you have anything else to highlight and the questions are not covered, please add.
The next year is especially important for us because we are celebrating a great jubilee, 30 years since our founding. Our story began on July 2, 1992, so we jokingly say that we are older than the Internet in Croatia. In fact, we believe this says a lot about our tradition, the quality of our products, our knowledge and experience. Those 30 years signify the experience gained in the development and implementation of solutions in almost all business branches, and the fact that in 2018 we became part of the Constellation Software Inc. (CSI), which has branches in over 100 countries around the world, ranks us among the most respectable providers of technological solutions in Croatia and the region.
On this occasion, I would like to especially thank all the employees of IN2 Group, for all the ideas, completed projects, designed solutions, successes, trust and togetherness!