Growth ambition for years 2020 to 2024

Growth ambition for years 2020 to 2024

As a result of the global Covid-19 pandemic, Nixu announced in May 2020 that it would not seek growth in the short term in accordance with the growth targets set for 2020–2024, but would ensure the profitability and efficiency of its operations during this exceptional period to be able to continue the implementation of its growth ambition as soon as the market situation normalizes. However, Nixu’s strategy and the passion for growth have not changed in the long term.


In 2018, Nixu refreshed its strategy, according to which the company aims to be 1) the best workplace for cybersecurity professionals and 2) the trusted, go-to partner for cybersecurity services for digitalization in Northern Europe. Since its stock exchange listing in 2014, Nixu has grown with a compound annual growth rate of 27% from EUR 12 million to EUR 40 million over the five years. At the same time, Nixu has developed to be a service provider with a growing share of continuous services, from 15% to 39% of revenue. Nixu’s customer base has become more international, with revenue outside Finland increasing from EUR 0.8 million to EUR 14.6 million. (Comparative figures: 2013-2018 financial statements).

On August 28, 2019, the company announced its financial ambition for the next five years, 2020 to 2024.

Target Level Time period
Organic revenue growth 15-25% per year 2020-2024
Inorganic revenue growth Approximately 10% per year 2020-2024
Revenue EUR 100 million 2021
Number of employees 1000 people 2023
EBITDA 15% of revenue 2024
Managed continuous services over 50% of revenue 2024
Market coverage in Northern Europe Five markets with over EUR 25 million


  • Nixu believes its revenue growth will be strong, both organically and with the support of selected acquisitions. Revenue is aimed to achieve organic growth of 15% to 25% per annum. In addition, acquisitions are expected to generate an average annual growth rate of 10% during the strategy period. Through a combination of organic and inorganic growth, Nixu wants to reach an annual revenue level of EUR 100 million in 2021. Achieving this revenue level would require significant acquisitions of which suitability to the strategy is always assessed on a case-by-case basis.
  • During a period of strong growth, Nixu will continue growth investments that weaken its annual result. As operational efficiency improves with scalability and the cost of the relative share of growth efforts reduces in the future, the company aims its EBITDA to reach 15% of revenue in 2024.
  • Development of personnel competence and new recruitment are key to Nixu's growth, although with the development of scalable services, revenue per person is estimated to grow by the end of the period. Nixu estimates that the 1,000-employee threshold will be reached in 2023.
  • The stronger growth of technology-based managed continuous services in comparison with consulting services is expected to lead to a higher share of Nixu's revenue from managed continuous services than from consultancy in 2024.
  • Nixu is expanding its operations in existing and new markets so that at least five market areas have revenue of EUR 25 million. In the existing markets, Nixu aims to consolidate the market through acquisitions, as has been done in Sweden.

The growth ambition for years 2020 to 2024, will not, however, replace the company’s financial guidance on an annual basis but illustrates the ambition set by the company’s management and Board of Directors.