ALSO breaks €1bn cloud revenue barrier
The company shared “pleasant results” in FY24 despite decrease in EBITDA
Swiss distributor ALSO’s cloud revenue passed the €1bn mark for the first time in its history, after a year marked by change and expansion.
For FY24, ALSO’s cloud revenue went up 31 per cent to €1.13bn (£940m), turbocharged by the number in unique users reaching 4.4 million, as well as improved monetisation.
The company also experienced what it referred to as “a record cash balance” of €730.9m.
EBITDA went down 5.5 per cent year-on-year, from €247m to €234.1m.
The distie attributed positive results in cloud revenue and cash balance to its “MORE” (maintain, optimise, reinvent, enhance) strategy and its new extension “WIN” (watch, identify, navigate).
These results also influenced the company’s financial forecasts, as predicted EBITDA for FY25 is now between €285 and €325m.
The company revised upwards its previous estimations in the medium term, as EBITDA is to reach between €425m to €525m in the next three to five years, instead of the €350m to €450m estimates over the 2025 to 2028 period the company previously projected.
Evolution rooted in change
These results come after a transformative year for the Swiss company.
Just last week, ALSO entered the US market to capitalise on the “90 million commercial unique users” present in the country.
The company also appointed Wolfgang Kraiz as CEO in April 2024, replacing Gustavo Möller-Hergt, after the latter spent nearly 13 years as CEO of the company.
This appointment was followed by a reshuffle in the distributor’s global organisation, with the naming of Ingo Adolphs as CTO, Thomas Meyerhans as COO in May last year.
In July 2024, ALSO merged with Berkshire-based distie Westcoast, which expanded its operations in the UK, Ireland, and France.
The merger is still pending regulatory approval.
The company has also been acquisitive last year, with the buyouts of VAD Entec in Czechia and IT provider SWS International in Slovakia, to position the company as “a leader in this very attractive region,” according to Kraiz.