FOTOWARE, an Oslo, Norway based provider of enterprise software for Digital Asset Management (“DAM”), has nearly doubled its annual recurring revenue (“ARR”) in its recently published results, growing to 13 million EUR as of December 2022 from just 8.3 million EUR at the same point last year.
Organic growth recorded at 21 percent for the period, with the remaining growth coming from two acquisitions completed during FYE22 – Xenario GmbH in Germany and Picturepark in Switzerland. Fotoware has already acquired a previous reseller and partner, Xenario UK in the first quarter of FYE23 totaling six acquisitions since summer 2020 and expanding its footprint and market share in several key markets.
Anne Gretland, CEO at FotoWare, said: “We are rapidly taking market share in the DAM space both organically and via our acquisition strategy. Our organic growth rate well exceeds that of the overall DAM market*, which is itself experiencing double-digit growth. We have accomplished this by increasing our customer count despite a tough year, signing over 45 new customers.
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Subscribe“FotoWare has also taken the strategic approach to continue to offer both on-premises and cloud solutions (using Microsoft Azure), enabling us to win customers by providing a solution which is very much in demand with customers, which many of our competitors don’t offer.”
The organization has grown its headcount as a result; increasing the size of its team by 50 percent with the number of permanent employees now at 109.
Anne continues: “Over the past two years we have increased our presence in several regions, and we now have employees located in nine countries – Norway, Sweden, Denmark, Wales, England, Germany, Switzerland, Austria, Australia – encompassing 28 different nationalities. As we continue taking market share, and continue seeking our next acquisition targets, there will be further job creation and expansion within both the UK and the DACH region.
“By increasing turnover and the number of employees we have now expanded to become such a large organization that we see new customers react very positively to the fact that we are now located in several countries and can offer local language professionals in both sales and customer service.”
FotoWare is a Digital Asset Management Software company which operates at the core of a company’s content ecosystem. With powerful automations and sophisticated integration capabilities, the software enables organisations to have a central system to store, manage, operate, share, and reuse their digital assets such as images, videos, and documents.
Its customers include London Metropolitan Police, Marks & Spencer, Klambt Verlag and San Francisco Ballet.
