PRESS RELEASE 2022-11-22
Consid, one of Sweden’s largest IT companies, is now expanding into Germany. The company aims to have over 130 employees before the end of 2024. The goal is to become the largest IT company in Northern Europe within five years.
-When most other companies are slowing down, we are accelerating. During the past year, we have had record-breaking growth, despite the looming recession. Q3 showed organic revenue growth of nearly 52 per cent, nationally, compared to the previous year. Some offices saw growth of over 80 per cent, from already high levels. We have a very stable foundation to stand on and we are now mature for the German market, says Peter Hellgren, CEO of Consid and one of the company’s two founders.
The mild recession, which has hit the industry hard throughout Europe, has not significantly affected Consid. On the contrary, the company has signed contracts with many new customers in the past six months and managed to keep up a fast pace in recruitment. During the first six months of the year, Consid recruited over 460 new employees and is now approaching 2,000 employees. Turnover during the third quarter increased by 51.6 percent to SEK 454 million, organic growth.
– Those are fantastic numbers. Especially as we are in a mild recession where the high inflation combined with interest rate hikes and falling asset prices is expected to drag down general demand. We haven’t seen any of that slowdown, says Peter Hellgren.
The German economy is also headed for recession, largely due to the energy crisis in Europe with higher inflation as a result. In addition, Germany also suffers from an acute skills crisis in IT and tech. This does not deter Consid.
-For the second year in a row, we have been named Sweden’s Best Employer and we know that people like to work with us. In addition, we have an exceptionally low staff turnover, which indicates that people enjoy working with us. We are convinced that German developers will appreciate the Swedish corporate culture, says Patrik Hall, CEO of Consid in Germany.
As a first step, Consid invests in opening an office in Hamburg, with the goal of hiring at least 50 consultants during the first year. That Hamburg was the Company´s first choice is no coincidence. Hamburg has distinguished itself as the economic centre of Northern Europe for a very long time.
– We look forward to working in such a creative and vibrant business environment that Hamburg offers. There are also a large number of skilled developers and other IT staff in the area, as well as some of Europe’s top IT training centers. The fact that there is also a great deal of interest in Swedish and Swedish business culture in Hamburg is also positive.
The company already has about ten customers in Germany, mainly larger companies in banking and finance, but also in IT and the food industry.
– We have already hired our first consultants in Germany, and we do not feel that recruitment will be a problem. Thanks to a balance between customers in the public sector and large private players, demand for Consid’s services has increased steadily in recent years. It has been largely insensitive to economic conditions. I am convinced that we will see the same trend on the German market, says Patrik Hall.
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