Financial Performance MyOffice
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2023
Sharp drop in revenue and loss of 5.2 billion rubles
The revenue of the company "New Cloud Technologies," operating under the brand "MyOffice," decreased by 43% in 2023 and amounted to 1.87 billion rubles, follows from the financial statements of the company published in the service "Kontur. Focus."
After net profit in 2022 in the amount of 386 million rubles in 2023, New Cloud Technologies showed a net loss of 5.2 billion rubles.
At the same time, the cost of sales increased 2.7 times - from 856 million rubles in 2022 to 2.33 billion rubles in 2023. Management expenses increased from 519 million to 754 million rubles. Expenses under the "Other" category increased from 317 million to 2.64 billion rubles.
In September 2022, we recall that management changed in New Cloud Technologies, and Kaspersky Lab increased its stake in the company to a control one (see below).
The founder and until March 2022, the general director of New Cloud Technologies, Dmitry Komissarov, told TAdviser that he left the company's board of directors a year ago and, as a shareholder (owns 5%), did not receive loss information from management.
In response to a TAdviser request, New Cloud Technologies reported that "in 2022 there was the first wave of import substitution - a number of large transactions were concluded on the market, which largely satisfied the initial demand. At the same time, customers preferred to purchase 3-year licenses at once (respectively, they did not buy licenses in 2023). In 2023, the pace of transition to domestic software significantly decreased - including against the background of a change in the policy of foreign vendors who did not leave the market. As a result, many customers have postponed the decision to switch to domestic products for 2024 "(the results of the year of MyOffice's main competitor , P7-Office , do not confirm this trend, note TAdviser).
 | According to our estimates, in 2024 the trend will change to the opposite. In the first quarter, we see a multiple increase in demand and revenue. At the same time (in terms of costs), last year the company continued to increase resources, doubling the development team. We consider rising costs to be investments in future market growth. Our task is to support the growing demand by expanding the product line, product functionality and increasing their user qualities, the company added. |  |
Founder of MyOffice Dmitry Komissarov - on the negative results of the year: It is surprising that measures were not taken to retain customers
TAdviser received a comment from Dmitry Komissarov, founder of New Cloud Technologies (MyOffice brand), regarding the company's negative financial results in 2023:
| | More than two years ago, on February 2, 2022, the Board of Directors of MyOffice decided to appoint a new CEO. From that moment until April 2023, I served as a member of the Board of Directors and participated in the receipt and especially implementation of 2 of the 3 largest contracts in 2022 - Rosatom and Rostelecom. The company reached a turnover of 3.3 billion rubles in 2022 and a profit of 300 million rubles. By the end of 2022, the company changed the main composition of the top management responsible for operating activities, sales and software development. In February-March 2023, I informed the Board of Directors and the majority shareholder of Kaspersky Lab about the threatened loss of potential customers in the 2023 funnel, as well as a possible drop in the company's turnover to 2 billion rubles. Since April 2023, I have left the Board of Directors and it is surprising to me that no measures have been taken to retain customers, especially given the fact of an increase in expenses from 3 to 7 billion rubles. | |
The way out of the current situation is to attract a strategic investor, Komissarov added.
2022: "MyOffice" increased revenue by 295% and ceased to be unprofitable
Revenue "MyOffice" in 2022 increased by 295%, to 3.3 billion, according rubles to the database. FTS For the first time during its work, the company received a net profit at the end of the year - in the amount of 386.5 million rubles. In the ranking " TAdviser100: The largest IT companies in Russia 2023," such an indicator allowed the company to take 125 lines (25 lines of the list of applicants for inclusion in the number of largest IT companies in). Russia
The company told TAdviser that the number of customers who purchased MyOffice products in 2022 has grown almost 3 times. They are used by more than 8 thousand commercial and state organizations, including VTB, Russian Post, Rosgvardia, Russian Railways, Presidential Affairs Department, Rosatom, Aeroflot and others. The volume of pilot projects carried out during the reporting period increased 6 times.
| | The past 2022 was difficult, the Russian market for the first time in its history faced unprecedented sanctions pressure and the departure of Western vendors, which led to a sharp increase in the popularity of domestic IT products, which, in turn, became a challenge for both consumers and manufacturers. In an effort to meet the sharply increased demand in 2022, MyOffice opened another office in Samara, and over the entire year, more than 400 employees were hired in total. Thus, our staff has grown by more than a third, "says Pavel Kalyakin, CEO of MyOffice. | |
The revenue of the Cloud Technology Laboratory, which is 100% owned by MyOffice, in 2022, on the contrary, decreased by 48%, to 405 million rubles. This legal entity completed the year with a net loss of 516.9 million rubles against 319.9 million rubles a year earlier. The Cloud Technology Laboratory is a MyOffice research center that carries out R&D activities in the field of strategic computer technology and software.
During 2022, MyOffice actively developed the Squadus digital workspace, and also released 4 major updates to the multi-product platform of office solutions, which contained more than 2 thousand changes, improvements and new features.
Last year, the company focused on the development of secure solutions and translated development processes in accordance with the requirements of GOST R 56939-2016. Thanks to this, the product "MyOffice Secure Cloud" received a certificate from FSTEC, and "MyOffice Standard" passed the inspection control of the regulator.
During 2022, MyOffice also actively developed the direction of technological partnership with other Russian IT companies. For example, the introduction of the server version of MyOffice web editors into VK services allowed tens of millions of Mail and Mail.ru Cloud users to edit text and table files directly from the browser.
The shareholders of MyOffice are focused on ensuring further growth of the company, as well as on the development of an ecosystem of office solutions and secure software products. So, in the first 4 months of 2023, the company launched two new products: "Mailion Certified" and a single digital workspace Squadus.
2021: "MyOffice" sharply increased revenue, but remained unprofitable
The revenue of the company "New Cloud Technologies," operating under the brand "MyOffice," in 2021 increased 82.8%, from 460.4 million to 841.8 million rubles. At the same time, the company again showed a net loss of 1.37 billion rubles for the year, a year earlier the loss was slightly more - 1.465 billion rubles. Data on financial results were published in April in the service "Kontur. Focus."
The revenue of the Cloud Technologies Laboratory owned by New Cloud Technologies in 2021 increased by 221.5%, from 243.9 million to 784.1 million rubles. At the same time, the company also showed a net loss of 319.9 million rubles against 296 million a year earlier. The Cloud Lab serves as a research center.
Thus, the total revenue of the companies exceeded 1.6 billion rubles, and the net loss reached 1.7 billion rubles.
As TAdviser was explained in the press service of MyOffice, revenue growth is associated with the growing interest of government organizations and large businesses in Russian software, as well as its qualitative improvement. For the year, the number of customers increased by 23%, and the share of repeated purchases increased from 10% to 20%.
The loss in the company was explained as follows:
| | Now we are at the investment stage of development. About 80% of our expenses are a wage fund, on average, the salary of a programmer over the past 5 years is growing by 10-15% per year - over 5 years, PHY costs are doubling, which undoubtedly affects the indicators. In 2021, the increase in the number of MyOffice employees amounted to more than 21%, most of which are highly qualified developers with high wages | |
According to the press service, thanks to high growth rates, the company plans to break even in 2021.
MyOffice products are widely used as part of the import substitution program in Russian government agencies and organizations. For example, at the end of December 2020, as part of the state defense order, the FSIN Service acquired more than 6 thousand licenses "MyOffice Standard," and in June 2021, almost 11 thousand licenses were bought by the Federal State Budgetary Institution "Information and Analytical Center for Support of the state automated system" Justice "(Federal State Budgetary Institution IAC" Judicial Department ").
The product "MyOffice Education" is supplied to Russian schools within the framework of the national project "Education." Sales to institutions, organizations and state corporations are carried out mainly through partners, including the largest IT distributors Merlion, Mont and Treolan.
In April 2021, the preinstallation program for user applications "MyOffice Documents" and "MyOffice Standard" was launched. Home version "for laptops, tablets and smartphones. Over the year, the program made more than 11 million installations on private computers and mobile devices.
2019: Fivefold revenue growth to RUB 773 mln
The revenue of "New Cloud Technologies" in 2019 increased 5 times, to 773.3 million rubles, the general director of the company Dmitry Komissarov said in March 2020 during an online conference. The number of concluded contracts, according to him, doubled over the same period - from 373 to 640. Komissarov clarified to TAdviser that the company has not yet reached a profit, but expects to do so in 2020.
In 2019, the company sold 244.7 thousand licenses, which is about 4 times more than a year earlier. The main contribution to the growth of financial indicators was made by public sector organizations, mainly large, centrally purchased software. Among them - "Russian Post," Rosgvardia and the Pension Fund. In 2019, 19 clients made up the federal authorities, centrally purchased more than 150 thousand licenses.
However, the licenses of the office suite "MyOffice" were also bought by government agencies in the regions. The company has already arrived in 68 out of 85 regions, says Dmitry Komissarov. The largest number of MyOffice licenses was delivered to the Tula, Volgograd regions, Primorsky Territory, Kursk and Rostov regions.
The general director of New Cloud Technologies said that in 2021 the company expects to cover up to 70% of the 250 largest customers in the public sector in Russia. When asked by TAdviser, he noted that some potential customers are prevented from switching to "MyOffice" by the technical features of other systems related to office programs.
There are a number of things that government agencies need to do. Among them - unloading documents from various systems, and they are often based on imported decisions, Komissarov explained. Upload is based on the use of Microsoft Visual Basic. Technically, it can repeat Visual Basic "New Cloud Technologies," but not licensed: this would be a copyright violation.
| | Therefore, some customers need processing, we need migration methods from Visual Basic to other scripting languages. We are now actively communicating, including with the Ministry of Digital Development, about how to do this work. This will help everyone who wants to use something different instead of Microsoft Office, says the CEO of New Cloud Technologies. | |
Dmitry Komissarov added that there are also customers who "with perseverance worthy of another application," continue to purchase Microsoft. At the same time, about 70% of large enterprises do not use anything other than a text editor, he cited the data.
In addition to expanding the customer pool, in 2019 the company also increased its partner network: the total number of authorized companies that distribute MyOffice solutions, train partners and provide service support services increased by 32.5%, to 1.364 thousand companies. In addition to increasing the number of partners, New Cloud Technologies also worked to improve the quality of the partner network, including through certification.
According to Dmitry Komissarov, New Cloud Technologies has formed an ecosystem that already covers a sufficient number of large companies with which to make joint products.
At the same time, the Russian office software developer plans to grow further not only at the expense of its native market, but also foreign ones. First of all, the company is betting on Africa. An agreement with Congo has already been signed, as well as contracts in Burundi and Cameroon. With the latter, in particular, a contract was signed for the supply of up to 1 million licenses "MyOffice" in education.
In African countries, Russia is well treated, because in Russia it was not a slave owner in African countries and did not have colonies there, says Komissarov. In addition, in Africa, unlike, for example, South America, there is more openness between countries, and entering one of them through the same partner can lead to contracts in several neighboring countries.
Komissarov says Africa's "New Cloud Technologies" begins with deliveries into the realm. formations Microsoft followed the same path, Apple and, he notes. When students using their technology grow up, they continue to use their usual solutions.
In 2019, the number of countries whose citizens installed MyOffice on their own increased 11 times. smartphones If in 2018 the product was known only in Russia,, and Kazakhstan, Belarus then by the Armenia end of 2019 this list expanded at the expense of 38 Sweden countries in the African region.
2018: Net loss - 259.8 million rubles
According to the Kontur.Fokus database, despite revenue growth since the start of sales in 2015, the company is still unprofitable. So, at the end of 2018, the net loss of New Cloud Technologies amounted to about 259.8 million rubles, and its subsidiaries, the Cloud Technologies Laboratory, amounted to 384.6 million rubles. The company expects even greater growth and profit in 2020, and at the end of 2019 - growth in revenue several times in relation to 2018. Read more here.
2017: Revenue cut of 87%
According to the results of 2017, the revenue of New Cloud Technologies amounted to 24.8 million rubles against 196.2 million a year earlier (-87%). The loss increased to 259.3 million rubles.
The subsidiary of New Cloud Technologies - Cloud Technologies Laboratory - in 2017 was able to receive revenue in the amount of 362.9 million rubles against 7.8 million a year earlier. The loss of this company amounted to 223.5 million rubles.
Notes
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