OSLO: Zalaris ASA, the provider of payroll and HR solutions, posted third quarter ended September 30, 2019 revenues of NOK 190.7 million making 2019 the 19th year of uninterrupted growth within reach.
Zalaris’ Q3-19 revenues reached NOK 190.7 million an 8.2% increase compared to NOK 176.2 million in the same quarter previous year. In terms of business segments, Managed Services grew revenues by 2.6% year-on-year, whilst revenues in the Professional Services segment increased by 24.3%.
In Q3, Zalaris closed the first UK based Managed Services deals with Barden and ABB, representing another milestone for the company.
The Central European market continued its strong development. In Germany, Zalaris signed five customer contracts during the quarter with renowned companies such as Dräger and Eurowings. In Poland, the professional services business experienced strong demand resulting in 9.0% revenue growth year to date.
In Northern Europe, Zalaris secured agreements for expanding services with existing customers to cover mobile and new HR cloud functionality.
“The HR Tech market is currently experiencing high activity levels driven by companies moving their HR systems to the cloud and an abundance of new solutions addressing market niches. Supported by strong investor interest ensuring record amount of investments pouring into the sector. With our solid footprint we are well positioned to develop our own IP as well as integrate these new solutions into one seamless offering to our customers,” says Hans-Petter Mellerud, Zalaris CEO and founder.
Key initiatives have been executed to strengthen market-facing capacity and reduce costs. This will materialize throughout the rest of 2019 in with about 6% net reduction of the Q1-19 workforce.
“Vision 2020 – has refocused #teamZalaris, and we are in the process of becoming stronger and more agile than ever. We are preparing to enter 2020 on a strengthened trajectory with renewed capacity, a more optimized cost structure and sharper overall focus on customer value, service and business growth” says Mellerud.