This release may not be published or distributed, in whole or in part, directly or indirectly, to persons staying or residing in the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or otherwise in these countries, or in any other country where its publication or dissemination would be contrary to applicable regulations or would require other measures in addition to the requirements of Finnish law.
Witted Megacorp Oy
Press release Jan 11 2022 8:00 a.m.
Witted Megacorp Oy (later “Witted” or “the company”) has decided to begin exploring Witted’s opportunities to complete an initial public offering and to list on Nasdaq First North Growth Market Finland, operated by Nasdaq Helsinki Oy.
The aim of the potential IPO and listing is to support the company’s growth both domestically and internationally. This will also help the company’s inorganic growth by facilitating share exchange as an M&A tool and raising the company’s brand awareness.
Witted is a software development company (formerly known as Talented Solutions Oy) founded in 2016, which offers software development consulting and project delivery. In addition to these, it offers growth consulting and recruitment services to support the customer’s own software development.
The group has approximately 160 customers in Finland and approximately 60 customers in the other Nordic countries, which are mainly large companies and well-known brands. The share of public organisations in customers is increasing.
“The market has changed. Customers are in the driver’s seat in digital service development. That place belongs to them, not software consultants. We have a common goal of building successful development teams that are led by the customer. Instead of projects, the work is carried out as continuous development work, with winning teams and collaboration at the centre. Witted is among those who have managed to adapt to the change in the market. That is why we are able to grow significantly faster than the market and our customers are satisfied,” says Harri Sieppi, CEO of Witted.
The group’s revenue in 2020 was EUR 15.7 million, of which the operating profit was 4%. The group forecasts pro forma revenue of approximately EUR 30 million for 2021.
“Unlike many in the industry, Witted does not suffer from a significant shortage of talent, but is able to attract the best in the field: with interesting domestic and international projects, offering different work cultures, employment models and working environments. One model is not for everyone, and there is no one best place to work, which is why the different parts of Witted are shaped to meet different needs. When the global battle for software developers is won, both creators and customers will benefit from it,” says Sieppi.
The company will announce the possible completion of the listing and IPO at a later date. Witted explains the progress of the process both in their blog on the company’s website and in a podcast called Witted: Matka pohjoiseen.
Witted Megacorp Oy
+358 40 859 6387
About Witted Megacorp Oy
Witted is a new generation software development company that helps customers build successful software development teams and aims to create collaboration across the IT supplier field. The revenue of Witted Megacorp group in 2020 was EUR 15.7 million. The group forecasts pro forma revenue of approximately EUR 30 million for 2021. The group employs about 300 IT professionals full-time, some as independent consultants and some as employees. Witted has companies in Norway and Sweden, in addition to Finland, and projects in several markets.
This press release is not an offer to subscribe or buy securities and this release or any information contained therein shall not be considered as a contract or the basis of any other offer, commitment or promise. If the company offers or applies for trading securities at any time, any decision to invest in the company’s securities by subscription or acquisition shall be based in its entirety on the prospectus published by the company at the time of such offer or admission to trading and not on the content of this release.