Oivan 2023 Year in Review

In 2023, OIVAN took significant steps forward in becoming a leading Nordic digital services development and secure infrastructure services provider in the Kingdom of Saudi Arabia (KSA).

While continuing to build and operate leading digital services for the National Housing Company (NHC), we started working with the Saudi Data and Artificial Intelligence Authority (SDAIA), the Kingdom’s premier high-tech construction project, and several other prominent Saudi clients. In November, we celebrated 25 years of continuously providing expertise to digitalize the Kingdom.

Financial Performance and Strategic Decisions

Our revenue grew 17% from 17.6 million Euros in 2022 to 20.7 million Euros in 2023. Since the founding of Oivan in 2020 via the merger between NXme and IWA, we have doubled our team and revenue. Due to the rising costs and some delayed business, we missed our EBIT (Earnings Before Interest and Tax) target but reached a profitable EBIT for the year. Due to this, we had to implement limited personnel layoffs in Finland at the end of the year to ensure that we return on a more profitable trajectory.

Still, our global team grew 5% from 224 in December 2022 to 236 in December 2023. Furthermore, we broke our monthly records in December with 3.8 million Euros of revenue and 1.5 million Euros of EBIT in one month.

While our primary focus is on the KSA market, we also reached significant milestones in Thailand and Finland last year. In Thailand, we redesigned the consumer app of the local premier mobile operator, which has millions of users. In Finland, we continued working for the hotel chain NOLI Studios, with whom we started working even before their original launch half a decade ago.

Embracing Generative AI and Cloud-Based Offerings

The massive uptake of generative AI was one of 2023’s global market trends, and we started our first projects in that field in the KSA. This year, we will work on expanding our AI and cloud-based offerings. In November, we announced our partnership with Google and CNTXT to leverage Google Cloud Platform in the KSA. It is another fantastic example of our newer initiatives, which we expect to bear great fruit in 2024.

Commitment to the KSA’s Digital Transformation

As evidence of our commitment to succeeding in the KSA, most of our executive team lives in Riyadh. The KSA has embarked on an ambitious modernization project in which digitalization plays a significant role. Our quarter-of-a-century-year history in building and operating nation-level digital infrastructure in the KSA has given us a fantastic platform to play a substantial part in the KSA’s digital transformation in the coming years.

At OIVAN, we base our work on our Finnish values and quality consciousness and proudly amplify them with our highly talented multicultural team, working in seven offices in five countries. Our values of Responsibility, Fellowship, and Reliability guide our mission to be the Digital Force for Good.

2024 is looking to become another record-breaking year for OIVAN, and we look forward to helping our clients become winners in their digitalization journeys while building a strong and profitable company.

Interested in knowing more about OIVAN? Please feel free to contact our CEO, Rami Korhonen.

Rami Korhonen
+358 40 730 7813