Revenues grow by more than 25% with more than 10% increase in profitability, driven by expansion in the Nordics and internationally
Palette, the leading enterprise purchase-to-payment specialist, has announced strong international growth during 2015, with global revenues increasing by over 25% and a profit margin of more than 10%. This builds on the company’s momentum in the previous 3 years, which saw revenues grow by more than 25%.
During 2015, Palette won more than 450 new customers, including Clas Olson, Universal Robots, Fläkt Woods, Autolink, Flügger, a major airplane manufacturer, a leading international car manufacturer and a leading European health care company. Palette also opened a Norwegian office in October 2015, and expanded both its Danish and Finnish operations.
Palette CEO, Lars Ola Petters, commented: “We enjoyed good results worldwide in 2015 but particularly in the Nordics. In Norway we’ve seen a great deal of activity following the new office launch. As the Nordic countries are already mature markets for purchase-to-payment solutions, this is especially encouraging. It shows that organizations in multiple sectors are enjoying the benefits that our market-leading technology offers and the superior standard of customer service we deliver.”
Many of Palette’s new customer deployments in 2015 involved the displacement of solutions from other vendors, thanks to the comprehensive features of its Palette Arena Suite, and its strong emphasis on automation and streamlining of purchasing operations.
Through 2016, the company plans to further expand its international operations. In UK It has recruited a new UK business development manager, to help manage this development, supporting and driving business through UK partners.
Lars Ola Petters added: “2015 was another very successful year for Palette, both in terms of our growing customer base and strong revenues. As well as winning many new customers, we have also seen substantial growth from our existing customers, many of whom have extended their relationships with us and purchased further modules to automate an increasing number of purchase-to-pay processes. The flexibility and scalability of our solutions enable this, allowing both large enterprises and SMEs to gain a rapid and ongoing return on their investment from Palette deployments. We fully anticipate this upward trend of strong growth to continue during 2016.”