FINANCIAL REPORTING

2019: Major Investments in Product and People

“Better late than never” – isn’t that what you say? We sort of forgot to give you a glimpse of last year’s financial result. The short version: We’re doing good. The longer version you’ll find below. Overall, it’s been a busy year at the Ucommerce office with a lot of major changes and investments which is why we’re super excited for what’s to come!

Reinvesting to Strengthen Competitiveness

The financial year of 2018/2019 resulted in a significant increase of 29% in revenue and a profit of DKK 2.3 million, which we are really happy about and proud of. However, 2019 was also a year with a lot of significant changes. In August, Hannu Vangsgaard was appointed as the new CEO of Ucommerce. With this change, several strategic initiatives followed in order to strengthen the company's future competitiveness, including massive investments in product development and new hires of talented people to help us accomplish our strategic goals.

Reinvesting in product development has been the number one priority. In fact, from September 1st, 2019, until the end of 2020 we will have invested more than 11.000 hours into strengthening the core product.”

– Hannu Vangsgaard, CEO Ucommerce

 

Product: Going Back to Core

The positive result that Ucommerce has achieved is crucial as we are reinvesting heavily into product development and innovation as part of an increased product focus: going back to core. What this focus entails is that we are 100% committed to improving our core product – simply making it the best on the market. It required an expansion of the development team who has been joined by a group of dedicated and talented people. From September 1st, 2019, until the end of 2020 we will have invested more than 11.000 hours into the product. This corresponds to approximately DKK 5 million in total. In other words: we are not kidding around.

The investments further entail establishing a dedicated Customer Success Department in order to strengthen our support set-up and provide the best possible service to our partners and customers. 

Ucommerce expects to maintain its growth level in the next financial year as a result of a strengthened core product, increased focus on primary markets and growing global demand for e-commerce platforms.

– Hannu Vangsgaard, CEO Ucommerce

 

Expectations for 2020

So, the overall message is that business is good. However, that does not mean that we are resting on our laurels. 2020 is an exciting year where we will begin to see results of the massive investments that we have made. In less than a month, we are releasing Ucommerce 9 which involves major improvements to the product. Not long thereafter, we will be ready to present our new partner model that will involve a new way of collaboration which creates value for everyone involved. The goal is to be the most loved partner.  

To summarize, Ucommerce expects to maintain its growth level as a result of a strengthened core product, top-shelf customer success approach, increased focus on primary markets and growing global demand for e-commerce platforms. Moreover, we have high expectations for the strategic partnership with the US-based software company, Progress Software, which sells the Ucommerce platform as the default e-commerce module to their digital experience platform, Sitefinity, and our long-lasting friendship with Umbraco who continues to make awesome software and gaining global foothold.


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