24SevenOffice

24SevenOffice
Formerly called
 IKT Interactive AS
Public
Industry Software industry
Founded 3 December 1997 (1997-12-03) in Porsgrunn, Norway
Founder Stian Rustad
Headquarters Tjuvholmen, Oslo, Norway
Services SaaS ERP/CRM systems
Owner 24Seven Technology Group
Website 24sevenoffice.com

24SevenOffice is a Norwegian software company with headquarters in Oslo, Norway, and offices in Stockholm, Sweden and London, UK. Founded in 1997, the company specializes in web-based (SaaS) Enterprise resource planning systems.

Company history

24SevenOffice was started in 1997 in Porsgrunn, Norway by Stian Rustad under the company name IKT Interactive AS and marketed as kontorplassen.no.[1][2][3] The name "24SevenOffice" was introduced for the company's London branch when the company entered the British market in 2003.[4] The company changed its name to 24SevenOffice in February 2005.[5] Originally based in Skien, the company later moved to Oslo Innovation Center before establishing their current headquarters on Tjuvholmen in the waterfront Fjord City of Oslo.[6]

The idea for the company's product was developed in 1996, and 24SevenOffice was an early innovator in the Scandinavian market in terms of web-based enterprise resource planning-solutions (ERP).[7][8] A British office was established at Surrey Business Park in May 2003,[9] with the company launching its web-based (SaaS) utility computing system to the UK SME market in 2004.[10]

An office in Chennai, India was established in 2005,[11][5][12] and 24SevenOffice entered the Swedish market when they acquired the leading competitor and ERP-provider Start & Run in a cash deal.[13] In August 2005 the company had an initial public offering that raised NOK 15 million, and the company entered The Norwegian Over the Counter Market list as of 5 October 2005 (the ticker was 24SO), reaching a market value of NOK 175 million,[14][3] with 5000 customers in Norway.[15]

In 2006 the company signed a deal to sponsor rally driver Petter Solberg, the largest private sponsorship in Norwegian sport at that time.[16][17] Instead of receiving NOK 5 million in cash, Solberg received a 2.9 percent ownership in the company.[18][19][20] The German-speaking market was entered in April 2006, when an office in Frankfurt am Main was opened,[21] and in late August/early September they established an office with ten sales agents plus a general manager in Stockholm for the Swedish market.[22]

24SevenOffice initiated strategic cooperation with Active 24 in early 2006 to develop a common platform.[23] During the summer, Active 24 was bought by 24SevenOffice's ERP/CRM competitor Mamut (company),[24][25][26][27][28] and 24SevenOffice terminated the contract with Active 24 in October demanding NOK 200 million in compensation for lost revenue.[29][30] After a breakdown of settlement negotiations in the Forliksråd in January 2007,[31][32][33][34][35] 24SevenOffice filed a case against Active 24 for breach of agreement in the Oslo District Court in March.[33][36] 24SevenOffice lost on all counts in the District Court in December 2007.[37][38] In January 2008, 24SevenOffice appealed the case to the Borgarting Court of Appeal,[39][40][41][42] reducing the cause of action from NOK 250 million to 30 million.[43] 24SevenOffice lost on all counts in the Court of Appeal in December 2008, and was ordered to cover the costs incurred by Active 24 in connection with the dispute totaling NOK 6.91 million.[44][45][46][47] 24SevenOffice appealed the case to the Supreme Court of Norway, but the Supreme Court Appeals Committee in March 2008 unanimously rejected the appeal from 24SevenOffice over the Borgarting Appeal Court's unanimous judgment of December 2008.[48][49][50] On a counterclaim from Active 24 and Mamut against 24SevenOffice,[51][52] the Oslo District Court in May 2010 found, that 24SevenOffice should pay Active 24 NOK 12 million in compensation for wrongfully having terminated the agreement, and a further NOK 360.000 of the opponent's legal costs.[53][54][55] 24SevenOffice disagreed with the court ruling,[56][57][58] and appealed once again.[59] The Borgarting Court of Appeal in November 2011 ruled to reduce the amount of damages to NOK 4.4 million plus NOK 900.000 in penal interest.[60][61]

With several scrip issues 24SevenOffice raised 25 million NOK (about $4 million at the time) between October 2005 and July 2006.[62][63] They entered into a strategic partnership with Bluegarden, who for 30 years had delivered digital services for payroll, human resource planning, recruitment and training, in March 2006,[64][65] and they made a large-scale agreement in April 2006 with US telecommunications software company Webex, a competitor to Norwegian Tandberg videoconferencing equipment manufacturer.[66][7] In September 2006, 24SevenOffice signed an agreement with Fokus Bank to provide their customers extended functionality in Internet banking.[67][68][69][70]

24SevenOffice had by 2007 reportedly 9000 customers,[71] joined the OpenAjax Alliance,[72] and entered into a strategic partnership with Dun & Bradstreet in May 2007,[73] but despite getting listed on Oslo Axess on 22 June (ticker: TFSO),[74][75] reaching a market capitalization of NOK 120 million,[76] the company was still losing money.[3][77] The company ended 2007 with a revenue of NOK 21.7 million.[78]

In 2008, 24SevenOffice bought 50% of the stocks in telecommunication company Oyatel,[79] partnered with Nets Group to facilitate invoicing for businesses,[80] and telecommunications company Telipol choose 24SevenOffice's second-generation Internet platform for its 8,000 users.[81] They announced an increase in revenues in Q2 to 11.1 million, up from 4.7 million in the same period the year before.[82]

24SevenOffice had turnover of NOK 37 million in the first half of 2009 which was a doubling compared to the same period the previous year and presented its first positive EBITDA in Q2.[83]

Norwegian Association of Auditors signed an agreement with 24SevenOffice in 2011, whereby they only recommend 24SevenOffice as a system for their members to use.[84]

Product

24SevenOffice is a web-based (SaaS) ERP system.[85] It includes modules for CRM, accounting, invoicing , e-mail, file/document management and project management.[86][87][88][89][90]

Awards

24SevenOffice won the Seal of Excellence in Multimedia Award at the 2004 CeBIT,[91] became Norwegian Gazelle Company of the year 2004 chosen by Dagens Næringsliv and Dun & Bradstreet, won Product of the Year in the Norwegian finance magazine Kapital (magazine),[5] and the IKT Grenland Innovation Award in 2008.[92]

References

  1. ↑ "Juridisk Informasjon for 24SevenOffice AS". 1881.no. Retrieved 2015-09-04.
  2. ↑ Dag Tinholt. "Vokser på salg av web-basert regnskap". Telemarksavisa. Retrieved 2015-09-04.
  3. 1 2 3 Av Dag Tinholt. "Vil skape et dataeventyr" (in Norwegian). Telemarksavisa. Retrieved 2015-09-04.
  4. ↑ Øystein Kvistad (2003-05-13). "Kontorplassen.no åpner London-avdeling". Digi.no. Retrieved 2015-09-04.
  5. 1 2 3 Ann Kristin Bentzen (2005-02-17). "Nettløsning kaprer mange norske ERP-kunder -". Digi.no. Retrieved 2015-09-04.
  6. ↑ "Slik blir din bedrift effektiv". 3in.no. Retrieved 2015-09-04.
  7. 1 2 Sverre Sverre Stenseng (2007-04-18). "I rallyfart mot et IT-eventyr - Mamut - Digital - E24". E24.no. Retrieved 2015-09-04.
  8. ↑ Eirik Rossen - Ann Kristin Bentzen (2005-03-02). "Søker selgere for webbasert ERP". Digi.no. Retrieved 2015-09-04.
  9. ↑ Okkelmo, Stine (5 February 2004). "Fokus Storbritannia: Internasjonalt knutepunkt". Økonomisk Rapport (in Norwegian).
  10. ↑ "24SevenOffice launches its web-based utility computing system". Worldwide Computer Products News  – via HighBeam (subscription required) . 21 October 2004. Retrieved 3 September 2015.
  11. ↑ Arne Søiland (2005-02-15). "Fremtiden ligger i India | Computerworld". Cw.no. Retrieved 2015-09-04.
  12. ↑ Harald Brombach - Ann Kristin Bentzen (2005-01-21). "Nye norske IT-kontrakter i India - www.digi.no/avtalerkontrakter". Digi.no. Retrieved 2015-09-04.
  13. ↑ Ann Kristin Bentzen (2005-02-22). "Snapper opp svensk konkurrent - www.digi.no/resultaterfinans". Digi.no. Retrieved 2015-09-04.
  14. ↑ "Netfonds Bank ASA". Norma.netfonds.no. Retrieved 2015-09-04.
  15. ↑ Kongsnes, Ellen (8 December 2005). "Gal idé ble big business". Stavanger Aftenblad (in Norwegian). p. 42.
  16. ↑ "Tidenes beste sponsoravtale - Motorsport". Dagbladet.no. 2006-01-20. Retrieved 2015-09-04.
  17. ↑ Bent Bergsli. "Telemarksavisa - Sponsorguru i ny hjemby". Ta.no. Retrieved 2015-09-04.
  18. ↑ Lyche, Kjetil (20 January 2006). "Rettet emisjon". Dagens Næringsliv (in Norwegian). p. 56.
  19. ↑ "Fra pluss til minus for Petter Solberg - Aftenposten". Aftenposten.no. 2014-01-31. Retrieved 2015-09-04.
  20. ↑ Roy Kvatningen Tips meg (2006-01-20). "Tidenes sponsoravtale for Solberg". Nettavisen.no. Retrieved 2015-09-04.
  21. ↑ "openPR - 24sevenOffice.com startet in Deutschland - Pressemitteilung von 24SevenOffice Germany" (in German). Openpr.de. Retrieved 2015-09-04.
  22. ↑ Niels Ruben Ravnaas (2006-05-25). "Satser stort i Sverige". M.nettavisen.no. Retrieved 2015-09-04.
  23. ↑ Av admin (2006-05-22). "Fant vekstmaskin i gråmarkedet - Dagens Perspektiv" (in Norwegian). Dagensperspektiv.no. Retrieved 2015-09-04.
  24. ↑ "Mamut køber stort op i ASP-portal - Computerworld". Computerworld.dk. Retrieved 2015-09-04.
  25. ↑ "Active 24 afviser Mamut-bud - Computerworld". Computerworld.dk. Retrieved 2015-09-04.
  26. ↑ "Mamut-direktør bliver bestyrelsesmedlem i Active 24". computerworld.dk.
  27. ↑ "Mamut napper endnu en bid af Active 24". computerworld.dk.
  28. ↑ "Active 24 solgt til Hanoa". computerworld.dk.
  29. ↑ Morten Kristiansen. "Saksøker Mamut". Computerworld.
  30. ↑ Morten Kristiansen. "Krangler videre om Active24". Computerworld.
  31. ↑ Anders Brenna (3 January 2007). "24SevenOffice og Mamut møtes i forliksrådet". Digi.
  32. ↑ "Mamut på vej mod retssag". computerworld.dk.
  33. 1 2 Henning Meese. "24SevenOffice truer med tingretten". Computerworld.
  34. ↑ Anders Brenna (26 January 2007). "24SevenOffice vs Mamut/Active 24". Digi.
  35. ↑ Anders Brenna, Einar Ryvarden (26 January 2007). "Avslører biter av kontrakt i bitter strid". Digi.
  36. ↑ Anders Brenna (5 March 2007). "24SevenOffice tar Mamut til Tingretten". Digi.
  37. ↑ Anders Brenna (14 December 2007). "Mamut vant rettsak mot 24SevenOffice". Digi.
  38. ↑ "Mamut vinder retssag". computerworld.dk.
  39. ↑ "24Sevenoffice anker". www.dn.no.
  40. ↑ "24SevenOffice anker dommen". itpro.no.
  41. ↑ Anders Brenna (22 January 2008). "24SevenOffice anker dommen". Digi.
  42. ↑ "Fortsatt tvist mellom Mamut og 24 SevenOffice". stocklink.no.
  43. ↑ Anders Brenna (25 January 2008). "24SevenOffice reduserer krav mot Mamut". Digi.
  44. ↑ Anders Brenna (9 December 2008). "Mamut knuste 24SevenOffice". Digi.
  45. ↑ "Victory on all counts for Active 24 in the dispute with 24SevenOffice". EuroInvestor.
  46. ↑ "24SevenOffice tapte søksmål". imarkedet.no.
  47. ↑ "24SevenOffice tapte søksmål". stocklink.no.
  48. ↑ "Mamut ASA: Appeal from 24SevenOffice unanimously denied by the Supreme Court". inwestycje.pl.
  49. ↑ "Mamut-seier i høyesterett". www.dn.no.
  50. ↑ "Kontroll av foretakets finansielle rapportering". finanstilsynet.no.
  51. ↑ Eirik Rossen (14 July 2009). "Overlater utmåling til tingretten". Digi.
  52. ↑ "24SevenOffice må i retten i erstatningssak". mobizmag.no.
  53. ↑ "Dømmes til å betale 12,36 millioner kroner". mobizmag.no.
  54. ↑ Morten Isebakke Lyse. "24SevenOffice tapte i retten igjen". Computerworld.
  55. ↑ "Får 12 mill. i erstatning". stocklink.no.
  56. ↑ Eirik Rossen (4 June 2010). "24SevenOffice "helt uenig" med retten". Digi.
  57. ↑ "- Vi har misforstått hverandre totalt". www.dn.no.
  58. ↑ Espen Zachariassen (4 June 2010). "Tilbyr teknologi fremfor kontanter". Teknisk Ukeblad.
  59. ↑ Eirik Rossen (21 June 2010). "24SevenOffice anker igjen". Digi.
  60. ↑ Leif Martin Kirknes. "24Seven må betale Active24". Computerworld.
  61. ↑ "Active24-rettssak avgjort etter fem år". mobizmag.no.
  62. ↑ Anders Brenna, Eirik Rossen (21 June 2006). "24SevenOffice henter ti millioner kroner". Digi.
  63. ↑ Sigvald Sveinbjørnsson. "Vil snu overskudd til tap". Nettavisen.
  64. ↑ "Utfordrer tradisjonelle leverandører". Nettavisen.
  65. ↑ Ann Kristin Bentzen, Einar Ryvarden (2 March 2006). "Vil kapre kunder med ERP over nett". Digi.
  66. ↑ Dag Yngve Dahle (18 April 2007). "IT-suksess fra Solberg". Teknisk Ukeblad.
  67. ↑ Anders Brenna, Einar Ryvarden (6 September 2006). "Tilbyr forretningssystem og nettbank i en pakke". Digi.
  68. ↑ Christer Aasen. "Lønn og erp i nettbanken". Computerworld.
  69. ↑ "Finextra: Finextra news: Fokus Bank launches integrated Web banking, payroll and accounting system for SMEs". Finextra Research.
  70. ↑ "In Brief: Tool Combines Banking, Office Functions.(ICT Group AS' 24SevenOffice Ltd. )". American Banker  – via HighBeam (subscription required) . 14 September 2006. Retrieved 4 September 2015.
  71. ↑ Ann Kristin Bentzen (20 June 2007). "IP-telefoni med litt ekstra for småbedrifter". Digi.
  72. ↑ Harald Brombach (22 March 2007). "IT-giganter ble med i åpen Ajax-gruppe". Digi.
  73. ↑ Redaksjonen. "Ny internasjonal partneravtale for 24SevenOffice". Computerworld.
  74. ↑ "De nye selskapene på Oslo Børs". stocklink.no.
  75. ↑ Oslo Børs. "24SevenOffice ASA / Nye aksjenoteringer / Notering / Oslo Børs / Home - Oslo Børs". oslobors.no.
  76. ↑ "24SevenOffice tavs om erstatningskrav". computerworld.dk.
  77. ↑ Edvardsen, Stig (15 May 2007). "Børsklar it-gründer". Dagens Næringsliv (in Norwegian). p. 22.
  78. ↑ E24. "Doblet overskudd for IT-aksjer". E24.
  79. ↑ "24SevenOffice tar kontroll i Oyatel". stocklink.no.
  80. ↑ "24SevenOffice i nytt samarbeid". stocklink.no.
  81. ↑ "Telipol velger 24SevenOffice". stocklink.no.
  82. ↑ "Økte inntekter for 24SevenOffice". stocklink.no.
  83. ↑ "24SevenOffice så vidt i pluss". stocklink.no.
  84. ↑ "Fremtidsrettet regnskapssystem". revregn.no.
  85. ↑ "Økning for 24SevenOffice". mobizmag.no.
  86. ↑ Ja-Na Duane (April 2010). How to Start Your Business with $100. Lulu. pp. 35–. ISBN 978-0-578-04876-5.
  87. ↑ Jason Cranford Teague (17 October 2006). CSS, DHTML, and Ajax, Fourth Edition: Visual QuickStart Guide. Peachpit Press. pp. 431–. ISBN 978-0-13-271236-1.
  88. ↑ E-World. Excel Books India. pp. 24–. ISBN 978-93-5062-023-6.
  89. ↑ Charles Møller; Sohail Chaudhry (5 April 2012). Re-conceptualizing Enterprise Information Systems: 5th IFIP WG 8.9 Working Conference, CONFENIS 2011, Aalborg, Denmark, October 16-18, 2011, Revised Selected Papers. Springer Science+Business Media. pp. 134–. ISBN 978-3-642-28826-5.
  90. ↑ Ziff Davis, Inc. (27 June 2006). PC Mag. Ziff Davis, Inc. pp. 86–. ISSN 0888-8507.
  91. ↑ "Winners of the European Seal of Excellence in Multimedia 2004". Archived from the original on 2008-02-23. Retrieved 11 January 2007.
  92. ↑ Anne Lise Surtevju. "Telemarksavisa - Nye ideer og gamle eventyr". www.ta.no.
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