Danish IT firm's defense industry software strikes gold  

2008.01.04
Systematic Software Engineering posts a 29% rise in revenues and trebles its pre-tax profits, largely thanks to sales of its Sitaware product to the defense industry
Aarhus-based Systematic Software Engineering, Denmark's largest privately-owned software and systems company, has achieved record results after a dip in its fortunes a couple of years ago following the loss of a major US order. The company's revenues for the 2006/07 accounting year have shot up 29% to DKK 338m (USD 66.7m) while pre-tax profits (EBIT) tripled from DKK 10m to DKK 34m (USD 6.7m), reports financial daily newspaper Børsen.
 
The future is looking bright too, with a solid order book and promising order pipeline. Brighter prospects are also reflected by the growth in the number of staff, which increased by 21% during the 2006/07 accounting year to 441. Another 25 staff have joined since the accounting year closed at the end of September.
 
Much of the growth in revenues is coming from software for the defense industry. Systematic's off-the-shelf command and control product "Sitaware", which is designed to help prevent friendly fire incidents, has achieved an international breakthrough with several major contracts, including a DKK 65m (USD 12.8m) order from the Finnish military, reported on this website in July last year.
 
Systematic's founder and CEO Michael Holm told Børsen: "The international interest in our solutions shows that Systematic's focus on off-the-shelf but flexible software products has hit the right formula. Our core products can be extended and customized to individual customer needs. In the defense sector it makes us an attractive collaboration partner at a time when defense budgets are being squeezed."
 
Systematic also has a software product in the healthcare area which the company says is attracting interest from several international customers. "Columna" is an electronic patient record system based on cutting-edge technologies which offers what Systematic describes as one of the 'most integrated and coherent' solutions available.
 

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