I’ve now heard some accountants complain, as they’ve grown a bit tired of Admicom’s certain stiffness & difficulty. At least one is now switching to something like Fondion (a Fennoa combination). No comments were yet visible with that Fondion search in this thread or on the forum in general. Jukka-Pekka Tahkola seems to be the CEO, likely one of the Tahkolas from Talenom, having worked at Talenom for a long time at least. That Fondion is apparently an ERP & tender calculation tool, with interfaces to the most common accounting software (Netvisor, Procountor, Fennoa, Talenom). I can tell about experiences sometime when I encounter it for the first time myself.
If I were an Admicom owner, I would monitor the situation. I’ve never liked Admicom’s software myself, so I haven’t been able to buy any shares either
I use Admicom myself (in use for over 5 years); we have ERP and accounting services from them, and now also Tocoman’s calculation software in use. Previously, we used Lemonsoft’s ERP and a separate accounting service. We do payroll and invoicing ourselves, but Admicom handles the actual bookkeeping. In my opinion, Fondion is not yet a viable competitor for a comprehensive solution. I have looked into Fondion’s solution a couple of times as they actively marketed it. Below is a brief comparison based on the presentation (note, no user experience with Fondion):
Fondion:
+Good user interface, e.g., the view for employee time entries is better than in Admicom.
+The contract bid view and bid tracking seemed convenient.
+/-Quantity surveying seemed quite okay but not nearly as good as Tocoman, in my opinion.
+/-For a procurement decision, the price comes only from Fondion..one would then have to figure out the accounting firm and possibly also the costs of the financial management system oneself.
-Accounting services would have to be acquired separately..based on previous experiences, I would no longer return to a service package from multiple providers.
-The system’s marketing was quite aggressive (though Admicom’s was too).
Admicom:
+Good and reliable user interface, support has worked excellently in problem situations.
+Payroll and invoicing can be easily done in-house with a little familiarization..e.g., it takes less than an hour to process and pay salaries for 20 people.
+Accounting services are excellent and, with fixed monthly billing, affordable in my opinion.
+Expertise in the construction industry is very good in-house, implementation worked well, and if needed, one can get industry-savvy help from the financial side.
+/-Tocoman’s calculation software is good but too expensive in my opinion.
-The user interface for employee time entries is a bit confusing, Fondion’s is better.
Here are Ate’s comments regarding how Admicom announced this morning that it is renewing its leadership model and clarifying its organizational structure.
Greetings from Admicom’s first-ever Nordic Construction Forum!
CFO Satu showed an interesting slide in her initial presentation about how the revenue growth of Admicom’s customers has developed in recent years. The more Admicom products were in use, the stronger the development was. The growth for users of more than 4 products was so rapid that the graph ran out of scale That statistic is certainly worth presenting in software sales meetings as well.
Interesting, and good to get solid data to support the story. The construction industry has the worst resistance to change and an anti-digital attitude, which is why, to my understanding, the industry’s productivity has decreased(!) while that of other sectors has risen over the last 10-20 years.
It’s good that such seminars are organized!
Btw, what is the company’s ownership structure? 57% or something behind SEB Finland’s branch office, whose shares are these?
Here’s that slide again on the revenue development of Admicom’s customers from recent years. To my understanding, the data was specifically based on customers using the Ultima ERP system.
Having participated in these calls, I can indeed state that the company has been very cautious about not disclosing anything indicative of the future to analysts in advance. It was more of a recap of what had already been communicated earlier, and in the most recent call, of course, the announced AI project and the launch of Bauhub were discussed. These had also been communicated earlier by the company.
The question is whether information was shared with analysts that was not previously publicly available to all investors. Here are quotes from your comment after the call. Was all of this known to small investors before the call?
“According to Admicom, no significant changes have occurred in the market situation since the company’s financial statements at the end of January.”
“According to the company, strategy planning work has progressed well.”
“According to the company, the software’s first critical capabilities have now been localized approximately one month ahead of the target schedule, and the first customers are currently starting to use the software.”
Nordea julkaisi päivitetyn Admicom-analyysinsä. Suositus pysyy ennallaan OSTA-tasolla, tavoitehinta nousee 59,00 euroon (edellinen: 56,00 €).
Key downside risks: Economic uncertainty in the construction and manufacturing end markets, tightening competition, M&A integration risks, inability to recruit personnel to drive growth and risks related to cyber threats.
Petri Aho’s departure from Admicom was discussed earlier in this thread. Now the gentleman’s new position is known:
Evelia has grown rapidly in recent years, although its size is still quite small. As far as I understand, at least in smaller client accounts, it partly competes with Admicom for the same market.
The same Jukka is indeed at the helm of the board there. Evelia is a Turku-based company. It’s also not new information, of course, that Admicom founder Matti Häll is also behind Evelia.
A quick look suggests it could be used for the same purposes as Adminet. Additionally, a plus is that accounting services are available from the same company.
Here are Ate’s preliminary comments as Admicom reports its Q1 results on Wednesday, April 9th, at eight o’clock.
We expect the company to have been able to continue its moderate growth, similar to previous quarters, even though the market situation has remained difficult. Our forecast expects organic growth to pick up during H2, and we will be following with interest the company’s comments on sales development, the progress of the Bauhub acquisition integration, and the first steps of the Bauhub product in the Finnish market following its launch.
That statistic is certainly worth presenting in software sales meetings as well.
