The entrepreneurial event started in the Bergen University College in 1999, when some students wrote assignments on the so-called "virtual classrooms".
The college has some start-up capital for the company that delivered 1.13 billion in turnover over the last three years, with approximately 300 employees.
Itslearning Learning Platform has become a well-known name for Norwegian students and students, but now the accounts for 2018 show that turnover falls for the second consecutive year.
Ignoring has a turnover of 344.62 million, which is a decrease of 389.90 million years earlier.
Benefit for tax completed at 16.13 million NOK. Admittedly, this is an improvement over 2017, when the number ended at minus 22.19 million.
The company has spent a lot of money on development. Historically, according to the company, about 1/4 of this revenue came into the budget for product development.
"We can never be satisfied when we do not have growth, but we sell more than 660,000 new licenses last year, mostly outside the Nordic region," says CEO Bergby at E24.
These founders own the company together with the money EQT, Creandum and Zobito. When EQT came to six-year ownership, it was valued at $ 600 million. Bergby has previously declared E24 that the company could be worth billions.
Waiting for increased sales
Even though sales fall, the annual report shows that revenues can pick up this year. Itslearning writes that they have signed some contracts in 2018, which improve their income.
– We have a good speed in 2019, comments boss.
The annual report states that "An important part of the new contracts signed in 2018 will increase sales in 2019 and beyond."
However, some schools and universities in Norway have adopted the competing canvas platform, which was operated and developed by the Salt Lake City in the United States. The product is used by 3,000 customers worldwide.
Itslearning has bought its competitor in 2015, which is also used by Norwegian schools and universities.
Also read: BI Researcher's best currency advice: Norwegian companies can save millions
Focus on growth in China
The company has invested heavily abroad, but outside Europe's revenues have still not been strong in 2018. NOK 37.45 million has been taken from the US. There. – And 2.86 million come from "other countries".
"China is a new market for us and we have now established a particular hosting center in China. The product has been adapted to the Chinese market and we will pilot 120,000 users in the third quarter of 2019 and the first quarter of 2020," Bergby says. .
– If the pilot is successful, we will find the solution in the market. We have been millions of users in a platform we can migrate to Itslearning as part of the first phase.
America has long been high on the priority list.
"The United States was a market that we have undertaken to make major investments over the course of several years and will now be able to move to investing in a market where we will grow and make money in the future," says Expedition Manager.
When E24 interviewed him in connection with the Award of Export Price just four years ago, these ambitions are clear:
– In 2019, we are the largest learning platform in the US. We have succeeded in some European markets and we are moving to Asia, Bergby said to E24 in December 2015.
The company has operations in the Netherlands, England, Sweden, Denmark, Finland and Germany. Italy and Spain have previously been on the list but dropped.