I still had to return to my own writing about Fortnox from April 2021 and see how my predictions turned out:
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I predicted Fortnox’s profit would quintuple from 2020 to 2025. According to analysts’ forecasts, Fortnox will make a profit of 857 million kronor this year. In 2020, the profit was 205 million. So, just over 4x, but not quite 5x.
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One reason for this is my own prediction about Offerta. Not even Fortnox managed to achieve any major synergy benefits in revenue, which tells quite well how difficult it really is to create value through acquisitions. Fortnox already had over 350,000 customers back then, while Offerta only had a couple of thousand – yet cross-selling was not a walk in the park. Now, over 40% more people have used Offerta’s service than in March 2021, but I did expect the number to be much higher.
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I floated the idea of expanding outside Sweden later. Well, it certainly didn’t happen through Talenom
But now that EQT is coming in through the acquisition, will Fortnox be scaled internationally? Really interesting to follow. -
I talked several times with Fortnox’s then-CEO, Tommy Eklund, back in the day. He was of the opinion that the hybrid model was not the right direction, and that Talenom lacked the necessary developer power compared to Fortnox’s army of coders. Looking back – that prediction didn’t go completely wrong, did it?
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Will Fortnox be relisted someday when the company’s business is international? Capman & Harvia 2.0
