Gofore updates its strategy and long-term financial targets –
Changes in the management team
Gofore Plc Other information disclosed according to the rules of
the Exchange 14 December 2022 at 3.15 pm EET Gofore updates its
strategy and long-term financial targets – Changes in the
management team
Gofore Plc’s Board of Directors has today accepted the company’s
updated strategy for 2023-2024, as well as updated long-term
financial targets.
The strategy update that Gofore carried out together with its
staff strengthens the company’s growth strategy, while sharpening
its choices according to Gofore’s strengths. Gofore continues to
pursue strengthening its position as an agile, culturally strong
and developing top expert organisation that helps its customers in
digital transformation. The three strategic growth avenues for
organic growth are the industries that the Digital Society and
Intelligent Industry industries, which the company will be focusing
on, and supporting growth with mergers and acquisitions. Gofore’s
vision is to be the most significant European digital
transformation consultancy.
Gofore’s strategic focus themes are: - Industry focus -
Sustainability - Future of work - International
Growth strategy avenues derived from the focus themes are: -
Digital Society - Intelligent Industry - Mergers and
acquisitions
Gofore updates its long-term financial
targets
In connection with the strategy update, Gofore’s Board of
Directors has approved updated long-term financial
targets. The organic growth of Gofore’s business has for long
continued as faster than the overall growth of the IT services
market and exceeded the company’s own targets.
- Gofore targets over 25 (over 20) percent of annual net sales
growth.
- Organic growth target is over 15 (over 10) percent of annual
growth.
- Gofore continues growth by acquisitions and targets 10 (10)
percent of annual growth.
- Gofore’s profitability target is 15 (15) percent adjusted
EBITA.
Gofore’s dividend policy continues to be paying a minimum of 40
percent of net profit in dividends.
Strategic focus themes Gofore has chosen four strategic
focus themes that guide the strategy execution in the next two
years. With the industry focus, Gofore strives for a deeper
understanding of the chosen industries, Digital Society and
Intelligent Industry, that it has decided to focus on.
Gofore sees sustainability as a more and more strategic area and
a business opportunity. Gofore intends to e.g. grow its business by
supporting the customers’ sustainability goals particularly in the
areas of green transition, green ICT and socially sustainable
digital services.
The customer work impact related to sustainability themes also
strengthens the company’s already excellent employer brand. Gofore
wants to continue to offer its experts increasingly meaningful work
and development opportunities.
Diversifying of future working life means that as an employer,
Gofore wants to individually cater to the needs of several
different employee groups, and this way differentiate itself as the
most attractive employer in the talent competition. To reach this
goal, Gofore also develops current and new Group companies, as well
as its ability to work together with the companies and
entrepreneurs in its partner network.
Gofore intends to continue growing its international business in
the chosen DACH area, i.e. German-speaking Europe. The eMundo
acquisition in November 2022 gave Gofore a stronger than before
growth platform and a professional team in the area, as well as a
portfolio of large, long-term customer relationships with
international companies.
Strategic growth avenues
Gofore’s ambition for the next years is for business growth in
the following areas: Digital Society and Intelligent Industry, as
well as mergers and acquisitions.
Gofore has grown organically relying on successful recruiting
and good ability to serve its customers, especially in large and
more demanding projects. Strong organic growth is also continued in
the future. Gofore’s objective is a leading position in its two
main industries, both of which have significant international
business potential. Organic growth is supported by acquisitions.
Digital Society
Gofore has a sturdy market position as one of the leading
Finnish builders of digital society, and the company intends to
keep building on its success in this area both in Finland and
abroad. Gofore’s success is based on the ability to deliver
extensive, demanding projects with an agile development method, and
a comprehensive offering that caters to the needs of this
industry.
Finnish societal digitalisation is still very much a growing
market, where both the public sector and private operators invest.
Gofore wants to strengthen its position as a leading supplier for
the industry and be profiled as an expert in demanding projects.
Finland is internationally known for its pioneering societal
digitalisation, and Gofore sees a promising business opportunity in
digital exports.
Intelligent Industry
Gofore has built a good market position and customer portfolio
of leading companies in the growing industrial digitalisation area,
i.e. the digitalisation of machines, devices and services. A key
trend of the industry is the growth of the meaning of software,
data, and other IT as part of product design and lifecycle.
Intelligent industry has a pivotal role in carrying out the green
transition that will also bring Gofore business opportunities in
the form of related digitalisation projects.
Gofore wants to be increasingly profiled as an agile
digitalisation partner for large industrial companies in both
Finland and abroad, by extending and deepening its collaboration
with leading companies in the industry. In Finland and the DACH
area, there are many industrial companies who Gofore serves with
its strong industry expertise supplemented by acquisitions. Gofore
especially pursues large customers, and uses customer insight in
striving for long term, strategic partnerships.
Mergers and acquisitions
Gofore has made eight acquisitions in 2017–2022, and used them
to grow its expertise, shareholder value and culture. The Devecto
and eMundo acquisitions Gofore made in 2022 completed its
intelligent industry services, as well as its customer and service
portfolio in the DACH area, in line with strategic growth avenues.
Gofore will continue similar controlled acquisitions that renew its
service offering and customer portfolio.
Gofore is a domestically well-known and appreciated acquisitor,
and its digital platform is easy to integrate to. Active work in
carrying out mergers and acquisitions will continue in both Finland
and in the DACH area.
Gofore Impact foundation being planned
As part of the sustainability theme of its strategy, Gofore is
planning to start a foundation called Gofore Impact, to promote
societal digital change.
The main purpose of the planned foundation would be to support
the positive impacts of digitalisation, such as democracy and
equality development, to mitigate the social tensions and side
effects related to digital change, as well as relieve digital
inequality and social exclusion. The foundation would also like to
have an impact on the diversity of digital change makers, as well
as the overall vitality of our industry.
The now planned foundation would pursue its goals mainly by
supporting research and giving out donations, contributions and
grants for various projects.
Gofore plans to start the foundation during 2023. Gofore’s Board
of Directors plans to propose the Annual General Meeting 2023
making a donation to the Gofore Impact foundation to start its
operations.
Changes in Gofore’s management team
To support the execution of the growth strategy for the next
years, there will be changes in Gofore Group’s management team.
Devecto Oy’s Chief Executive Officer Harri Laukkanen is
appointed as a member of the management team. In addition, Director
of Digital Transformation Elja Kirjavainen is appointed
deputy Group CEO. As of 1 January 2023, Gofore’s management team
will be: Mikael Nylund, Chief Executive Officer Sanna Hildén,
Director, People Operations Ville Hurnonen, Director, Mergers and
Acquisitions Elja Kirjavainen, deputy CEO, Director of Digital
Transformation and Managing Director, Gofore Lead Oy Harri
Laukkanen, Director, Industrial Digitalisation and Managing
Director, Devecto Oy (name will be changed to Gofore Drive Oy)
Kalle Mäki, General Counsel Miika Nurminen, Director, Digital
Quality Assurance and Managing Director, Gofore Verify Oy Petra
Sievinen, Director, Marketing and Communications Teppo Talvinko,
Chief Financial Officer Riikka Vilminko-Heikkinen, Director, Sales
and Customer Value Juha Virtanen, Director, Digital Services
Development Capital Markets Day on 13 January 2023
Gofore will present its updated strategy in a Capital Markets
Day on 13 January 2023. Invitation and instructions on how to enrol
for the event will be send out separately today, 14 December
2022.
Further information: Mikael Nylund, CEO, Gofore Plc tel. +358 40
540 2280 mikael.nylund@gofore.com
Gofore Plc is a digital transformation consultancy with some
1,300 impact-driven employees across Finland, Germany, Spain, and
Estonia – top experts in our industry who are our company’s heart,
brain, and hands. We use our holistic service offering -
consulting, coding, design, and verification - as tools to incite
positive change. We care for our people, our customers, and the
surrounding world. Our values guide our business: Gofore is a great
workplace that thrives on customer success. In 2021, our net sales
amounted to EUR 104.5 million. In 2022, Gofore is celebrating its
20th anniversary. Gofore Plc’s share is listed on the Nasdaq
Helsinki Ltd. in Finland. Get to know us better at
www.gofore.com.
Gofore Oyj (LSE:0CXS)
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