BOSTON, March 13, 2017 /PRNewswire/ -- TARGIT, Denmark's largest business intelligence developer, has just been sold to GRO Capital, and it seems that the investment already reflects positively. TARGIT's recently filed financial statements for the year 2016 once again managed to increase its turnover. TARGIT landed a turnover of $13.3M USD in 2016 compared to $12.4M USD in 2015.
Growth in software licenses sales increased by 9 percent compared to 2015. In EMEA alone, software sales increased by 13 percent. This corresponds to the company's original budget forecasts, made even more significant due to the exceptionally healthy year for the company in 2015.
In the Americas (U.S., Canada, and South America) 2016 began in line with expectations, but Q4 sales increased by 192 percent. TARGIT is now confident that after four years embedded in the U.S. market, the company is now well established and poised for continued growth.
Operating profit before depreciation (EBITDA) landed on $2.4M USD in 2016 and profit before tax (EBIT) landed at $1.8M USD. The result is slightly lower than in 2015 owing to the company's investment of close to $1M USD in a relatively large expansion of the staff in research and product development. It is expected this investment will be paid off in the 2017 financial statements.
"The financial statements of 2016 reflect a classic and solid TARGIT year with significant of advancements in our technology and growth as a company," says Jesper Berntson, TARGIT CFO and co-owner. "These record-breaking results demonstrate that we're solidly on the growth track and that our important home market in Denmark also follows with further growth. I do not see any brake lights anywhere."
TARGIT, www.targit.com, is the maker of the TARGIT Decision Suite, the business intelligence and analytics solution for all business users. It is our mission to transform entire organizations by revealing actionable insights for every user to make better and faster decisions. TARGIT Decision Suite is the only business intelligence platform that offers visual data discovery tools, self-service business analytics, reporting, and stunning dashboards in a single, integrated solution. Learn more about us at http://www.targit.com and follow us on twitter @targit.
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