In 2023, emagine increased its revenue by 14%, rising from 420 million EUR in 2022 to 480 million EUR in 2023. This growth was driven by significant organic expansion in key markets. The operating profit (adjusted EBITDA) for the year reached 43 million EUR, representing an 11% increase compared to the previous year.
These strong results come in the context of 2023 where the consulting market faced a general slowdown and global macroeconomic challenges. Group CEO Anders Gratte attributes emagine’s record performance to strengthened internationalization and a resilient business model.
“The fact that we can deliver excellent results year after year demonstrates that our business model remains competitive even during periods when some markets take a step back. I am proud of the achievements we reached in 2023, where we also strengthened our organization through several strategic acquisitions,” says Anders Gratte.
emagine’s model is characterized by providing a unique blend of tailored high-end consulting services, supported by a vast network of validated freelancers. With this blend, emagine addresses their clients’ complex needs by offering both expertise and scalability.
Anders Gratte highlights a new trend in the market: "We are increasingly being selected for larger projects, where we assemble entire project teams rather than individual specialists. This applies, for example, to our role as a key supplier in a groundbreaking project involving voice recognition for a European industrial company. Additionally, our approach of creating broader, customized teams across borders is gaining traction in the financial sector."
Strategic acquisitions and expanded service offerings
During the year, emagine successfully completed two strategic acquisitions in the form of two Swedish IT consulting firms: Skillspark and Quality Sourcing. These acquisitions marked emagine’s 7th and 8th purchases within a four-year period.
“These acquisitions have not only strengthened our presence in the Swedish market but have also expanded our service offerings in nearshore, offshore, and remote consultancy services globally,” says Anders Gratte.
Global ambitions
After yet another record-breaking year, emagine is well-positioned for the future and poised for further growth. The consultancy firm anticipates achieving profitable organic growth between 5% and 10% in 2024.
“We have set ambitious goals for 2024, and the initial months of this year have been exceptionally positive. Our long-term ambition is for emagine to become a global consultancy firm. Our clients choose us based on the specific expertise and solution models we provide—where the task is executed matters less,” explains Anders Gratte.
These global ambitions mean that emagine continues to keep strategic acquisitions on its radar.
“We’re constantly evaluating how strategic acquisitions can integrate new companies and create synergies for the benefit of our clients,” adds Anders Gratte.
Key figures in the 2023 annual report
We have set ambitious goals for 2024, and the initial months of this year have been exceptionally positive.
Anders Gratte, Group CEO of emagine