Bamboo Group's Release of 2020
Bamboo Group's release 2020: Plotting the path for business resilience, aligning business processes, and reaching strong financial performance amidst the pandemic.
- (1888PressRelease) March 10, 2021 - Tallinn, Estonia – 2020 triggered off fundamental strategic and operational transformation at Bamboo Group. Due to the pandemic, the company had to rapidly adapt to the clients’ changing needs and discover new ways to offer additional value for their overall sustainability. Bamboo Group strengthened the work relationships between team members within project teams for reaching greater performance and continuous delivery. Apart from that, Bamboo Group service units offered a mixed business model for existing and potential clients, which allowed responding to their requirements with higher predictability in financial and operational planning.
The company diversified and extended its reach, increased the number of clients and customers globally, as well as the number of new countries on board. As of today, Bamboo Group has reinforced its global presence by gaining new partnerships with corporates from Luxembourg, France, Switzerland, and Canada. The company has been continually expanding its services in the UAE, Kuwait, the UK, and the US. In 2020, it recorded 15% YoY revenue growth from sales in the African region, where Bamboo Group had 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), being featured for Shopify (Top Developers), Fintech and Enterprise (DesignRush), and Healthcare (SuperbCompanies) solutions development. 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 number one educational platform throughout the country.
Seeing how the pandemic had affected the 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 the major requirements for project communication and reporting to maintain transparency between 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.
Nowadays, Bamboo Group remains one of the strongest players and business hubs in Eastern & Central Europe and Nordics. It is consistently amassing recognitions through its advanced core activities and the portfolio companies it embraces. In 2021, the company will move towards three directions: continuation of venture capital activities and strategic investments in new startup and scaleup projects from Nordics, Baltics, and Eastern Europe; cultivation of products for entering new markets and gaining an increase in business capitalization; facilitation of professional development and talent acquisition through apprenticeship and mentorship practices in the workplace.
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