VASS exceeds €200 million turnover and grows by 58% in 2021
10 Feb 2022
- With digitalisation as a key element in the economic recovery, the company chaired by Francisco Javier Latasa closed the year with high growth and a strengthened position as a leading group in digital solutions.
- VASS acquired 3 international companies (Comunytek, ECENTA AG and CRI Group) last year and created another company ,T4S Advance Solutions which, together with ECENTA, aims to lead the SAP consulting market in the coming years.
- The company’s workforce in 20 countries also increased significantly, from 2,186 employees in 2020 to 3,410 by the end of 2021, almost 56% more.
- VASS maintains its target of reaching €400 million turnover by 2025 and becoming the leading group in the market with a strong international presence.
Madrid, 10 February 2022. Although two years have passed since the coronavirus crisis brought digitalisation to the forefront, it has only become a key part of the economic recovery in 2021. As a leading digital solutions company, VASS continued to seize the opportunities created by this new business and economic context and, considering all the acquisitions carried out last year, has managed to close the 2021 financial year with a 58% increase in turnover to reach €205 million, an organic growth of 15%.
“This enormous growth is just the first step on our way to VASS@400, our ambitious strategic plan to become a digital champion with a strong international presence”, says Fco. Javier Latasa, President of VASS, who also emphasised that “these figures attest to the solidity of our balance sheet during the last financial year and consolidate us as one of the most stable companies in the market”.
Since One Equity Partners (OEP) became a majority shareholder as a strategic partner in 2020, VASS faces the challenge of reaching a €400 million turnover by 2025 and becoming the leading group in the market.
On its way to achieving this goal, VASS acquired three companies in 2021. First, Comunytek, a company specialised in advanced systems and innovative products focused on wholesale banking and capital markets with over 20 years of experience. It then took over ECENTA AG, a German consulting company specialising in Customer Experience solutions based on SAP CX (Sales, Marketing and Commerce) technology and whose main market is the United States. And later, CRI Group, a Luxembourg-based company specialising in cybersecurity and digitisation, with over 300 employees and a turnover of around €30 million.
Besides these acquisitions, VASS also created T4S Advance Solutions which, together with ECENTA, is targeting an international turnover of EUR 80 million and aims to lead the SAP consultancy market in the coming years.
Although integrating these new companies with a new global operating model has been one of the major challenges of 2021 for VASS, these acquisitions only significantly increase the group’s international presence and value proposition.
The workforce of VASS —present in 20 countries with a broad ecosystem of companies comprising VASS, NATEEVO, Serbatic, vdSHOP and T4S, besides the acquired firms— has also grown significantly, from 2,186 employees to 3,410 employees, an increase of almost 56%. But VASS has not only excelled in terms of employability but also in training its staff. Thus, last year marked the second anniversary of VASS@Revolution, which aims to involve employees in the company’s strategic expansion plan through work-life balance policies and the establishment of collaborative work models.
An even more promising 2022
With these figures, Grupo VASS expects to close this year with a turnover of around €250 million, plus the acquisitions that may be carried out in 2022.
The company estimates that the group’s international unit will grow further to contribute 45% of total revenues and 55% of EBITDA.