After a year of recession - and zero growth in TimeLog, we found that from the summer of 2009 small and especially medium-sized businesses were back in the market to buy tools for efficiency and optimization.
In the years 2005 to 2008 TimeLog experienced an annual revenue growth of 40-50% in the business area of SaaS solutions, while the period from July 2008 to July 2009 was marked by zero growth, albeit with very limited loss of customers.
And the lost customers were primarily the very small Danish companies, who reached a critical size of less that 3 users where a TimeLog Business system does not deliver solid value. Hopefully we have resolved this issue by offering Team Edition.
Now however, we are back with growth rates higher than before the crisis, and we can even see that the market for SaaS solutions for the public sector is developing very positively.
Moreover, it is positive that the growth is felt both nationally and internationally - despite the significant global competition from especially U.S. products, which dominate the time tracking solutions market.
So we have switched off the crisis talk and look forward to 2010 with the expectation of a year with solid growth and solid black numbers on the bottom line - for us and hopefully also for our many dedicated customers and users.
Happy New Year!