Markit 2018 Performance Results and Future Outlook
After another successful year of significant and profitable growth we reached and surpassed and important target in 2018 - completing a vision we held for 10 years! 100 million euros revenue with 100 people. By the end of the year revenue reached 111.8 million euros, up 20% from 93.4M on 2017. Sales came from 180,000+ orders across 33 countries where Markit is the leading IT procurement solution for thousands of companies.
2018 Growth Highlights
• APAC region expansion started with Singapore and Australia.
• New offices in Denmark and Slovakia
• Estonia sales reach a record 21M euros
• Key clients’ spending up 50%
• 20+% of Forbes Global 2000/Fortune 500 are now Markit clients
• The team grew to 128 people including the addition of some key new roles:
Pirje Raidma as Head of Operations
Ege-Rita Aunroos as Head of Accounting
Stina Kivistik as Head of Hiring
System Improvements
• Improved search function and catalogue (110 new features)
• Product range (SKUs) increased 600,000 to 2,700,000
• 300+ of the world’s leading IT distributors now fully integrated.
“What’s more important than profitable big numbers, is the fact that growth was achieved by representing and promoting our values of kindness, transparency, loyalty, team happiness and professionalism to achieve our mission of helping companies succeed. Success achieved with a positive impact on people, the IT procurement industry and world in general is priceless.” Andres Agasild, CEO.
2019 Outlook
Markit has a first-mover advantage and proven performance of its IT procurement solution in 33 countries worldwide.
Three key trends in IT procurement that we have identified from analysis over 10 years of purchasing data, make us optimistic for the future.
One of the key insights we found is that IT buyers’ focus has shifted from price to process and efficiency (areas where we excel):
• Product prices continue to decrease (prices have dropped 70% over the past 10 years)
• Product range continues to increase (there are 8x more IT products available now compared to 2006)
• IT procurement personnel costs are increasing meaning every purchasing hour cost more and returns less.
“The growing demand for a simple, transparent, efficient purchasing solution creates an opportune market environment and momentum to drive our next stage of growth.
Now we have covered all the main markets in Europe and North America our expansion focus is on key LATAM markets where our international clients operate and, of course, Asia, where economic growth is fastest. We will continue to focus on fine tuning all parts of our operations, scaling international expansion and executive team development.” Kairo Alloja, Head of Expansion
Expected 2019 Highlights
New markets opening
• LATAM: Mexico and Brazil
• APAC: Indonesia, China and India
• Europe: Serbia
New offices created in Romania and Sweden
New functionalities added to the Markit online purchasing system, giving users transparent access to marketplace data and integrated distributor profiles.