Insurance Business Applications A/S (Koncern)

Development in activities and financesDuring the year IBA has implemented a new positioning strategy built around our key strength and the insurance markets competitive need to add value with speed in a digitally changing world. Our sales strategy aims at reducing lengthy sales cycles (12 months+), from large rip- and replace (replatforming) projects and fits well into our land & expand strategy for growth.

In February 2022, we signed a contract with Polish Gas who will be using IBSuite to offer insurance products through their affinities. In the second half of the year we engaged in a billable pilot project with a large UK insurer, RSA, with whom we signed a new contract in January 2023.

Revenue from SaaS services increased 12% in 2022 & Annual Recurring Revenue (ARR) increased in 2022 with 40% compared to end of 2021. This was mainly driven by increase in business from existing customers and RSA, who paid SaaS service fee during the pilot project. Overall revenue declined 7% due to less activity in the Professional Services arm, as some large projects were completed beginning of 2022.

In June 2022, IBA closed a financing round to secure cash to fund the company’s activities going forward. Due to the general uncertainty in the global economy, investors were holding back, and we only succeeded partially in closing the financing round. Therefore, IBA initiated the new positioning strategy and a target to become cash positive end of 2023. Among several activities IBA reduced the staff base from 68 employees to 60 employees and cut down on cost as an effect of the changed strategy. In 2023 we successfully onboarded a number of new investors and therefore secured funding until we become cash positive in Q4 2023 (see further under Events after the Balance Sheet Date).

This year’s annual report shows a loss of EUR 4,079 K for 2022 (loss EUR 4,920 K for 2021) which is less than expectations due to lower gross profit.