Oivan Raises Over 2 million Euros Growth Funding

The digital transformation and cybersecurity consultancy company Oivan Group Oy announced the completion of a 2 million Euro growth funding round led by the Finnish IT- and digital services operator TCG. Saudi businessperson and long-time Oivan business partner, Mr. Bader Othman Alabduljabbar also participated along with several Oivan employees joining as new shareholders of the company.

Oivan expects its revenue to grow from 8.4 million euros in 2020 to over 12 million euros in 2021, clocking 50% annual revenue growth. The company’s service catalog ranges from design, web, and mobile development to cybersecurity consultation and mission-critical operations teams. For example, since 1998, Oivan’s operations team has managed critical components of the internet infrastructure in Saudi Arabia.

The 160 people strong company, headquartered in Finland, has regional offices in UAE, Saudi Arabia, Thailand, and Vietnam. Oivan operates with its proprietary Enhanced Distributed Teams, in short, the EDT model.

“We started Oivan with the idea that by bringing together technology and design talent worldwide, we can solve some of our client’s most significant challenges and become the digital force for good.”

Mr. Rami Korhonen, CEO of Oivan

We created the EDT model to combine the best aspects of expert onsite consultation and internationally distributed development work. Today, our clients, such as the National Housing Company in Saudi Arabia, use Oivan to develop national e-services with the EDT model. 10-15% of our senior experts work onsite at the client, while 85-90% of our production experts work at our international offices. The Sakani platform we developed in cooperation with NHC has helped over 400 000 families find and buy government-subsidized homes in the past four years. Furthermore, the EJAR rental agreements platform we develop in partnership with NHC has digitally processed millions of rental agreements.

Despite the travel restrictions imposed by Covid and benefitting from the EDT model, the company is expanding rapidly in its Asian offices. Oivan’s clients in Thailand include the mobile operator AIS, Thai Credit Retail Bank, and the energy company PTT. The team in Vietnam has grown from zero to almost 50 people in three years and plays a vital role in the company’s most significant client projects.

“Being able to grow profitably throughout 2020-2021 is a testament to the tremendous talent and drive we have at Oivan. Partnering with the experienced tech entrepreneur Risto Virkkala and TCG, behind the well-known growth companies Eficode and ePassi, allows us to take on even larger opportunities for our clientele’s benefit. Furthermore, the investments from our close business partner Bader, and our valued team members, shows the strength of the story we are building“

Mr. Rasmus Roiha, Chairman of the Board of Oivan

In the last four years, we have learned how to build national-level e-services, which combine hundreds of integrations and high scalability with Nordic service design and security standards. We believe that our EDT model for digital service development will also benefit large Finnish organizations in finding a new dynamic way for enhancing their digital transformation and cybersecurity processes.

“We are thrilled to join the exciting journey of Oivan. The company has been able to achieve truly remarkable results in the Middle East and Asia. We are confident of the further development of Oivan and see great synergies and cooperation opportunities with other TCG companies.”

Mr. Risto Virkkala, CEO of TCG

The company expects its revenue to grow over 30% annually in 2022 and is hiring new talent to join its international team of over 20 nationalities.

About Oivan

Oivan is an IT consultancy company built to be the digital force for good. The company powers its clients to reach excellence in digital transformation and cybersecurity. Oivan’s creative services include service design and web and mobile development. The company’s operations services include providing operations teams, configuring third-party platforms, and cybersecurity consultation on the operations side.

About TCG

TCG is a Finnish IT- and digital services operator, behind the growth companies, such as Eficode and ePassi.

Feel free to contact Rami Korhonen, CEO, Oivan Group Oy for more information:
rami.korhonen@oivan.com | +358407307813