Eficode's revenue grew over 51% last financial year, fueled by development tools going to the cloud

AI is now part of software development, integrated into both tools and development culture

HELSINKI, Sept. 26, 2024 /PRNewswire/ -- Eficode grew by more than 51% last year, increasing revenue from €189.7 million to €287.2 million. Over the past four years, Eficode's compound annual growth rate (CAGR) was over 75%.

Profitable, strong international growth

Last fiscal year, Eficode acquired Avoset Oy in Finland and Jodocus GmbH in Germany. Eficode now has over 650 employees for DevOps, Agile, and associated tools and services, continuing its growth towards 1000 employees during the ongoing strategy period.

Eficode's personnel in the United States doubled, while Eficode was recognized as the best company to work for in the UK. Both countries hit major milestones, including acquiring new customers for the Eficode ROOT Managed DevOps platform, and surpassing key Annual Recurring Revenue targets for the managed services from the customers in the region.

Continental Europe experienced remarkable growth in consulting and managed services. Numerous large automotive, industrial, and financial enterprises continue to collaborate deeply with Eficode.

"Every company will become a software organization and need to solve questions about the software development tools and culture," said Ilari Nurmi, CEO of Eficode. "Many of them are already expanding into platform engineering and GenAI, yet all of them need to improve their ways of working, the development tools, and the skillset. We take pride in transforming every industry with modern tools and processes."

Cloud transition boosts the Atlassian ecosystem

Large companies continue to transform their software development. Software development tools play an increasingly important role in this transformation, as tools on the cloud must be integrated for a seamless development pipeline to deliver common development processes. Eficode's customer base grew with a number of large enterprises, including the following.

• A leading global beverage producer selected Eficode as their partner in their Atlassian Cloud journey and established a long-term agreement for further advisory and solution development
• Qualco, a top credit management software provider adopted Eficode's entire solutions portfolio, including Eficode ROOT, Atlassian tools, and consulting services
• A significant Swiss insurance institution and a leading European logistics and postal services provider selected Eficode as their partner for Atlassian Cloud migration and consulting services
• A rapidly growing digital banking services business chose Eficode to assess its software development practices and  selected Eficode as the Atlassian support and license provider.

GitHub and Microsoft empower AI in software development

Large enterprises explore and adopt GitHub Enterprise and GitHub Copilot for their modern software development practices. With AI capabilities in GitHub Copilot, customers gain faster development time, higher software quality, and a more enjoyable developer experience.

Eficode delivered dozens of GitHub Copilot projects, and provided solutions including GitHub Enterprise, Eficode's Managed Services, and technology advisory. As a result, revenue from GitHub-related business multiplied year over year.

During the financial year, Daimler Truck joined The DEVOPS Conference and Enterprise Technology Leadership Summit to share their experiences adopting GitHub with Eficode.

DevOps platforms are vital in scaling software development

Software development professionals continue to advocate the benefits of platform engineering and DevOps platforms. Eficode extensively covered these themes in The DEVOPS Conferences in Copenhagen, Stockholm, and London. Also, a reputable industry analyst firm covered Eficode in its report on selecting DevOps Toolchains and Platforms.

Eficode's employee was honored as a GitLab Champion: an individual whom GitLab recognizes as a member of the GitLab Partner community who champions great customer outcomes based on the DevSecOps platform.

Notable customer agreements include assisting a large European law enforcement authority to shift left using GitLab, a major global IT services provider for their GitLab needs, adoption and implementation projects and training to enterprise customers in the Finance, Healthcare and Automotive sectors. With the AI capabilities, GitLab Duo Enterprise is included in the key platforms that Eficode utilizes to drive DevOps with its customers. 

Media Contacts
Lauri Palokangas, Chief Marketing Officer, Eficode. lauri.palokangas@eficode.com, +358 50 486 4918

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