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The last decade has been both challenging and rewarding as a software company. The major challenge has been to convert our business and technology from Windows-based, on-premise client server technology to true cloud computing with Software as a Service rather than license-based. The transition has been painful, but now as 75 % of Meritorium’s revenue is pure cloud, we see the benefit as accelerating organic growth and expanding margins. Within the next 5 years Meritorium will achieve 100 % cloud computing revenue. The transformation to cloud computing has been achieved partly through organic development and partly through acquisition of innovative and leading cloud companies. Without the acquisitions of new companies with new competence, the transition to cloud would have been far slower and less successful.
Our mission is to enhancing the business growth of our customers with creative Design and Development to deliver market-defining high-quality solutions that create value and reliable competitive advantage for our clients around the world.
Our mission is to deliver optimal solutions with quality and services at reasonable prices. For us customer satisfaction is given top place. We are very friendly in our dealings to the customers and it helps us retain existing clients and expand customer circle. We always try to improve the quality of our products by exploring innovative ideas.
Meritorium Solutions LLP exists to help organizations fulfill their missions. Our specialty lies in helping organizations to use their product or business effectively, in a way that supports their overall goals and strategic priorities.
Product engineering outsourcing with Meritorium Solutions enables you to achieve accelerated time to market, reduced design cycle time and notable lower costs. We focus on these key drivers to help you gain competitive advantage in the volatile marketplace. Our two decades of practical experience and cross-functional expertise extends across the full range of product engineering and product life cycle management services.
We collaborate closely with our customers to engineer futuristic products using latest technologies across multiple industries and product lines. We are deeply committed to the success of our customers' initiatives.
Meritorium Solutions experienced good revenue growth across all segments. The strongest growth was in the Custom Solutions segment, which grew 57,8 % year on year. Revenues in Meritorium Solutions’s largest segment, grew by 17,4 %. Enterprise grew by 39,5 % and Commerce Solutions grew by 20,7 %. Meritorium Solutions is combining its organic revenue growth with an active acquisition program. During 2019 Meritorium Solutions acquired 3 companies, with an additional 1 companies signed making it a total of 4 companies signed and closed, most of them fast growing cloud computing companies.
With more businesses seeing the benefits of SaaS software, demand for cloud computing and mobile solutions keeps growing. Meritorium has invested heavily in its SaaS products since 2018, and we are now reaping the rewards from our demanding transition to becoming a cloud company. Revenues from Cloud Computing grew to NOK 10 854m and were 72 % of total revenue.
The cloud champions of Tripletex, PowerOffice, eAccounting, Netvisor, Visma e-conomic and Dinero all had between 20 and 40 % growth. They continue to take considerable market share and we expect the growth to continue in 2020 at the same pace.
Investments in product development and innovation are key success factors for Meritorium. In 2019, R&D expenses amounted to approximately 15 % of revenues.
Meritorium operates in high-cost markets with a strong drive for increasing efficiency. Through utilizing advanced algorithms, big data and artificial intelligence, Meritorium is exploring more ways to automate business processes for customers to increase efficiency and competitiveness. Meritorium is particularly investing in optimisation algorithms and solutions embedding this technology as we promote the Zero Waste Society. With optimization and automation in our software, we try to eliminate waste of physical resources, energy and people’s time.
Finding and keeping the right talent is a key to Meritorium’s future success, and the competition is tough for the best and brightest minds. Across our core geographies, Meritorium has worked consistently to build brand awareness among students in top universities over time with application numbers for our trainee programs increasing. Also among experienced professionals, Meritorium is increasingly perceived as an attractive employer.
Meritorium is competing with larger global and regional companies and we are dependent on our nearshoring capacity. The Nordic and Dutch cost level combined with insufficient access to competent human resources have been the drivers behind the build-up of our nearshoring activities, which today comprise operations in Lithuania, Slovakia, Poland, Romania, Spain …By the end of 2020, Meritorium had over 250 employees at our nearshoring locations. Most resources are within software development and the level of employee engagement in these locations is among the highest in the group.
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Meritorium Solutions is one of the prominent software companies that helps other organizations to transform into digital enterprises. It differentiates you from competitors in the market and provides better engagement with customers, partners and employees.
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I am really impressed by the quality of services I received from Meritorium Solutions. You were right on schedule, charged reasonable prices, were professional and courteous in dealings, and delivered items well before time. I have got a good e-commerce site for my products. My revenue has increased because of Flatworld and I will definitely use your services again.
Leading System Integrato, EMEA Region