Tallinn, Estonia, March 9, 2021 — 2020 triggered fundamental strategic and operational transformation at Bamboo Group. Due to the pandemic, the company had to rapidly adapt to clients’ changing needs and discover new ways to offer additional value for their overall sustainability.
Bamboo Group strengthened work relationships between project team members to achieve greater performance and continuous delivery. Apart from that, Bamboo Group service units offered a mixed business model for existing and potential clients, enabling it to respond to their requirements with higher predictability in financial and operational planning.
The company diversified and extended its reach, increased the number of customers globally while bringing a number of new countries on board. As of today, Bamboo Group has reinforced its global presence by gaining new partnerships with companies from Luxembourg, France, Switzerland and Canada. The company has been continually expanding its services in the UAE, Kuwait, the UK and the U.S. In 2020, Bamboo Group recorded 15% YoY revenue growth from sales in the African region, where it has been mobilizing its value-added services for 10 years.
The company cultivated thought leadership in the industry by actively participating in forums and summits and sharing ideas with industry researchers and professionals from DevQuarterly, Goodfirms and Tivi. The portfolio companies of Bamboo Group made the lists for top web developers and application developers in Estonia (The Manifest, Clutch), was featured by Shopify (Top Developers), Fintech and Enterprise (DesignRush) and Healthcare (SuperbCompanies). At the end of the year, Znaj.by, an edtech project of Bamboo Group, was featured as one of the top 100 best EdTech companies in the CIS by HolonIQ, and reached 43% of schools as accounts, making Znaj.by the number one educational platform in the country.
Seeing how the pandemic has affected working conditions, Bamboo Group has severely revised its business processes and implemented remote work practices based on the papers of leading academic institutions. The company introduced an updated remote work policy, covering major requirements for project communication and reporting to maintain transparency among team members.
As a result, Bamboo Group has achieved substantial financial growth over the course of 2020. The company has significantly optimized its operating costs, although overall digital marketing expenses rose by 79.9%. The total OPEX dropped by 14.69%, and SG&A was optimized by 15.26%. The gross profits from software development, marketing and EdTech portfolio companies rose by 24.41%, 25.99% and 14.94%, respectively.
Today, Bamboo Group remains one of the strongest players and business hubs in Eastern & Central Europe and the Nordics. It is consistently amassing recognition through its advanced core activities and the portfolio companies it embraces. In 2021, the company will move forward on three fronts: continuation of venture capital activities and strategic investments in new startup and scale-up projects in the Nordics, Baltics and Eastern Europe; cultivation of products for entering new markets and gaining an increase in business capitalization; and facilitation of professional development and talent acquisition through apprenticeship and mentorship practices in the workplace.
About Bamboo Group
Bamboo Group is a privately owned group of technology companies operating across a broad range of industries, such as software development, monetisation and marketing solutions, telecom, automotive industry, enterprise security, high-load systems, geographic information systems (GIS), EduTech products and solutions, managed IT services and more. Existing business models cover service provision, outsourcing and product development processes, as well as discovering and investing in projects that have a long-term potential within the venture capital activity.
The company is headquartered in Tallinn, Estonia with an R&D centre in Minsk, Belarus and representative offices in Eastern Europe, Africa, and Asia. Bamboo Group cooperates with clients from more than 22 countries being a trusted partner to leading brands, including Jaguar Land Rover, Coca-Cola, Unilever, Škoda, A1 Telekom Austria Group, Mobile Telesystems, Orange, Axiata, Telia Sonera, Airtel, Viber and many others.
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