Yeah, I think we should start. Good morning. Dan Dysli, Head of IR of Trifork Group. We're delighted to have you here this morning to look at our first annual results actually as a publicly traded company. The presenters today will be Jørn Larsen, CEO, and Kristian Wulf-Andersen, CFO of the group. Now, before we go into the presentation, we'd like to show you quickly the disclaimer. Please have a look at that. While going through the disclaimer, just a few formalities on how we're gonna proceed here. We're gonna have a presentation of approximately 30 minutes. Everybody is gonna be on mute during that time. Following this, we will open a Q&A session.
In order to ask a question, we'd ask you to raise your hand on your computer. You can un-raise your hand any time if there is no reason to ask this question anymore. Raise your hand, you can do that also during the presentation. We will then take the time to answer your questions. We will unmute you so you can ask the question and then you get the response from either Jørn or Kristian. I think that's it. It's being recorded, and the webcast will be on our website, on the investor website later on today. The investor website where you can also find the presentation that we're going through now and all other announcements related to the results.
With that, I would like to hand over to Jørn Larsen. Jørn, please go ahead.
Thank you so much, Dan. Welcome to this webinar, and thank you for taking the time to listen in. I can see a lot of participants, and I hope you have a lot of good questions for us at the end. Let's look at some of the highlights for this year. As you know, our mission is to improve the world with software. We drive tech innovation, and here we have some key numbers for where we are on that mission at this point in time. If you look to the left, you see a comparison about, you know, from where we were last year, same time, to the period we are talking about.
If you compare Q4 2020, Q4 2021, you see an increase, a growth of 21.2%, of which organic is the majority of that growth. More important is if we look at the whole year, twelve months 2020 compared to twelve months 2021, we see a total growth of 37.4%, and approximately half of that, a good, a little more than half of that is actually organic growth. This we consider a satisfying result, and it's in line with our midterm and year guidance. If we then look at some key financials, first of all, we have our revenue for the year, EUR 158.5 million, representing that growth. Then we have a Q4, EUR 42.3 million.
As you all know, we like the number 42, and now we see it here. If you multiply 42.3 by four, you also see that we have a smooth growth over the quarters. There are no big abnormalities in our business. We have an adjusted EBITDA for the Trifork segment of EUR 28.6 million, which is also aligned with our guidance. The Q4 comparable is EUR 7.4 million, and again, if you do the math, it looks satisfying from our point of view. What is more important is that if we look at the total margin for the adjusted EBITDA margin for the Trifork segment, it's 18.1%, and now we are getting into where we would like to be eventually.
We have for the Q4, slightly less. It's a period, you know, can say, in the Q4, we had a little more vacation, a little more sick leave. Once most of the restrictions of COVID were released in the various countries, we did see slightly more sick leave, and this is actually represented here as the consequence. We still have a good cash position. We are net positive by EUR 17.1 million, representing a -0.4 leverage ratio. We are still in a, you can say, fairly upbeat proactive mode on the M&A track. We are looking at a lot of companies. We will keep you updated as soon as something is material, and we can close deals.
On the right side, you have the key statistics. We are now up to 58 business units. It's we added quite a few in 2021. We have 25 active lab startups. We will get back to them. Just short of 1,000 employees in total. At the end of the year, we had 28.2 million views on our GOTO YouTube channel, and as you know, it's a KPI we like to track and report to you. Actually, present day, if you go to our YouTube channel, it's already past 30 million views, and you can see the trend of this growth is growing at a nice rate. This is the most important KPI for us because it's the inspiration from outside to us. When we are inspired, we can inspire our customers.
If you then look at it in a larger perspective, because I always look at things in where we are coming from and where we are heading, here you can see how we have been growing profitable since 2007. Adding the 2021 actually improves the CAGR from what it previously was, and now is 24% CAGR, which is really around where we think a healthy growth is. Let's move on, Kristian. Also, it's very important that every time we can present to you that we talk about what we actually do and why it is important and how it influences the world. First of all, here is yet another case story from Vestas. In itself, that's a very pleasant thing for me to be able to report on.
First of all, that Vestas allows us to tell about the work we do with them, but also if you track these case stories over time, you can see that we have been able to work together with Vestas, coming up with new innovative solutions again and again and again. Some of them featured by Apple, some not, and also some of them in collaboration with SAP. This case story is about optimizing the whole process about warehouse management. That means placement of goods and materials and tools into warehouses, and also help the 1,000 people who are using these apps to find things in the quickest possible way. This is a quite dramatic result we have here. We actually improved the time by 40% from the solution they had before.
It's not like they didn't have software before this. They had another, you can say, digital solution for warehouse management. We call this new solution Warehouse Hero, and it actually saved 180,000 hours per year. 1,000 users, very high adoption rate. We don't have manuals or instructions. It's a zero time for training. You log on to this solution in less than 0.1 second. This reduces stress among all the people who work with this solution. Of course it increases the business results because we can do things faster. We'd like to show you many more of these case stories, and this is the mission. It's heart in the mission of Trifork that we improve the world with software. Let's move on, Kristian.
Here is a quite extensive list of some of the main events. I will not take you through all this because then we would sit here all day. What I can say is that an obvious main event for us at least is that we brought Trifork to the market. We believe we have created a foundation for Trifork to live for many, many years into the future. We have now around 7,000 shareholders, and we are very happy that we also know that a lot of these shareholders are colleagues of Trifork. Of course, some of you attending this conference are also shareholders. Regarding M&A and partnerships, there are a lot of events. We acquired two smaller companies that now are business units, Vilea and STRONGMINDS, one in Switzerland, one in Denmark.
We have a partnership with NVIDIA. It's a very important partner in AI and visual machine learning. When you put a video on some real world, then you can detect various things there. We have used it, for instance, in a case where we are detecting roadkills, and the mission there is to make sure that fewer animal are killed by cars on the roads every year. We use machine learning to learn about how we can protect the wildlife better. We have a partnership with Tuum. Tuum is a next-generation core banking system, and we are working with startups to implement this technology so they can propel their business. We have fintech startups like Addmoney and Cashie. We have a cyber protection partnerships with Promon that is also in our Labs investment.
I will return with that in a moment. We were quite active on Trifork Labs. On M&A, we were not that successful. In finding really interesting partners and investment opportunities in labs, we were quite successful. We divested Humio, so we had an exit. We actually had two exits, one partial and one full. Dawn, that we actually made a separate announcement of, was not even a half, but we reduced our ownership from being a consolidated group company to being a lab company. That is a company that already started out with a fairly high value compared to what we normally see. We have a number of sustainability initiatives. Two startups are in our Lab companies now, and that is Dryp and Upcycling Forum.
Dryp is a sensor technology to improve the flow of wastewater and water in the environment, leading to less overflow and less pollution in our oceans and seas. We are building two new buildings. We have Trifork one, two, and three. Here is mentioned Trifork one and three because they are also Labs companies, so it's new innovative buildings where we are testing and setting in production a number of new innovations from Trifork. We have implemented a number of solutions. I already mentioned the Warehouse Hero. We've been involved with the Corona Passport from Denmark. We have the Banedanmark case story. We are doing operation for SOS International, et cetera. A lot of activities in that point as well. Trifork Operation, which is in our recurring and Run part, as you might recall.
We have now two new operation centers, a brand-new private cloud installation in Denmark and a Tier IV in Switzerland. We have received an award from IBM being one of their favorite security partners. Let's move on, Kristian. This was a long story here. You might recall our strategy house, and I already touched base on some of it. Perfecting the Trifork Way is something we do all the time and every day. We work with the leadership teams of all our 58 business units. They do peer development. We bring those business unit leaders together, and then they learn from each other and improve the way they operate. We have been growing our European position. We have been growing our Run revenue. You can see the organic growth in Run is actually 23.6%.
I already talked about some of the strategic collaborations, and I would say Addmoney is one of my favorite ones, where we together with three banks are working to create new innovative products. Together with those banks, we put them on the market and sell them to other banks as well. Also with partnerships, I mentioned NVIDIA. We have IBM and they are two strong partners. Let's move on, Kristian. The overall group, and this is important to understand how we report on our numbers. You know that Trifork Group consists of two segments, the Trifork segment and the Trifork Labs segment, and we report separately on these two segments. Trifork, 58 business units across 12 countries. We have always majority stakes there.
We have Trifork R&D, our research and development, and it's implemented in a form of group of Lab companies, of which 25 are active, and it's all minority investments. Yes, Kristian. We have our go-to-market model, the Inspire, Build, Run. Nothing new here. What we see in 2022 is that we are looking at bringing back live events and conferences. I don't believe the world will ever be the same. It's more uncertain than ever. We still have COVID and the pandemic around us. We have a war in Ukraine, which is very unfortunate, and we hope it will be dealt with in a very effective manner and end very soon. Also mentioning how it's impacting Trifork.
We have some colleagues of Trifork who are either, you know, originally from Russia or from Ukraine, and we are helping these people to overcome their challenges, and we are giving them space to help the families in their home countries. This is, of course, a very unfortunate, very sad, and unfortunate situation. We are helping where we can, and some of our business units are actually actively helping refugees when they arrive at the train stations in Poland and Hungary and other places and actually directly helping. In the organization, we have done a program to help Red Cross as well. Let's move on, Kristian. Here you have the overview of our six business areas. Nothing new here.
Let's dive down into the verticals. Here, the three verticals being Fintech, Digital Health, and Smart Building. You can see the overall division from our total revenue. Fintech representing 15% of our total revenue. We see Digital Health 10.3%, and we see Smart Building coming up now because you recall earlier that it was fairly low. It's a long mission we have with Smart Building, but you see we have had a quite high growth. Actually, from the three verticals, it's the one that has been growing at the highest rate, 46.6%. Digital Health, 10%, so that is following market. We are, you can say, underperforming a little bit towards our own ambitions. In Fintech, nice healthy growth following our total growth. Next, we have the horizontals.
Here you see the Smart Enterprise, which the example from before with Vestas, with Banedanmark and others. We see cyber protection. Cyber protection is of course very much in play now, and probably nothing is more important to most businesses than to protect the data and being able to actually operate your business. Many businesses are very digital, and if you're digital, you're also exposed to hacking and cyber crimes. You see on the TV all the bombs falling and all the people getting hurt, physical and that's heartbreaking to see. What you also have to know is all the invisible war that is going on, and that is increasing by a lot in these times.
We are very busy in our cyber protection business area, and basically sold out in this moment. We are scaling what we can. For the year, you can see here that we have been growing 34% in this field. This is not the easiest business area to grow because it demands very high level of expertise, a lot of infrastructure investment and so forth. Cloud operation, 15.9%, had an organic growth of 30.18%, so that is okay from my view. Let's move on, Kristian. Here you can see, if you study our financial report, you will see these eight stories here. I already talked a little bit about the Warehouse Hero case story.
If I have to mention another one, it could be bconomy, where we are in a joint venture partnership with three banks developing new products. bconomy is a brand-new business banking platform that helps small to medium sized businesses being more efficient when they do banking in their own operation. What we see a big trend in is that traditional banks, they are doing a lot of effort into doing more kind of businesses. The period where we have had with very low interest had kind of, you know, forced established large banks to think creative and come up with new offerings towards the customers. Some of them are done, many of them are done in fintech companies, and one of them is Addmoney, where we now have this new product, bconomy.
Yes, Kristian, let's move on. The one I didn't mention just before is this product we built for Banedanmark. Banedanmark is a rail owner of the Danish tracks, so where the train is running on top of. This has been a very successful rollout, very high adoption rate, 650 users, 750,000 managed assets, and 60,000 work orders every year. Very user-friendly, very fast to use. Again, sign-in time of 0.1 second. It has advanced technologies such as speech-to-text because this is something you use in the field, you use it in the rain, you use it in the night, and being able to track down where you need to service a specific part is very important.
Of course, you can imagine that we are in a dialogue with other rail owners around Europe who also uses SAP, which is most of the rail owners that does that actually. Our collaboration is with SAP is quite important here. Let's move on, Kristian. Here we have a look into labs. As you can see, we have been very active in the lab area. This is very important to Trifork because it's here where a lot of the new ideas come from. It's where a lot of innovation is happening, and it's where a lot of products are built. We fuel this innovation with venture capital. The ones that are orange here are marked with orange are the ones who had a capital increase or were brought into the group.
You have ComplianceTech and Promon, which is newcomer to Trifork Labs. Let me just talk a little bit about Promon. Promon is a Norwegian company founded by a Danish person, Tom, and I was in Oslo this week, and it's a great company. We're very happy to be involved. Our ownership of Promon is 5%, but it enables us to have a seat at the table. We can give input to the roadmap of the product, and we can resell and implement this product among all our customers. This can also be used as a door opener into the cyber world in new areas. We have ambitions to set up offices in other parts of the world where Promon is a door opener product.
Promon is an app shield, so a lot of you probably all know antivirus programs you have to install on your laptop, etc., and you have a lot of procedures to avoid hacking in many ways. Promon is a very easy integratable tool that you can wrap around your app, so being iOS or Android or others and then it will shield you from being hacked. It's a nice insurance policy for companies who have very valuable assets that can be accessed through apps. We have expectations for positive development here. Kristian, let's move on. We are reaching the end of my talk here. We have an ESG update.
There is also a newly published ESG report on our investor and website. We have a. We are talking about a few things here. The environment, first of all, the E in the ESG. We are looking at innovating on our office spaces. We are building new office spaces. We are tracking how much consumption we have in energy and the emission of also CO2, and we are also helping other companies to keep track of that. There is a new directive coming in place in the 2023 report, and we are preparing to actually do very detailed reporting on this. That is quite instrumental. We believe that one action that is very important and that is to, you can say, plant as many trees on the planet as possible.
There are studies that shows that if you can double the number of trees in the world, you can actually absorb over 50-60 years all the artificial emitted CO2, which is quite a mind-boggling idea. Three trillion trees is also quite a lot. We will do our part, and we want to use those materials such as tree and wood in building our offices, and we are already doing so. On the social side, people are at the center of Trifork. We like to call ourselves colleagues. We are all colleagues of Trifork. If you look at the gender distribution, we have better numbers than what comes out from the schools and universities. Our average age is 39.5.
We have employees from more than 25 countries. You can see here we track a sickness absence of 2.4, still fairly low, a little bit higher than it was a year ago due to the fact that now everyone is among each other again. Our immune system is weak, and we get exposed to bacteria and viruses from all kinds, and that increases this sick absence a little bit. We still have an acceptable churn. Churn is a complex number in itself because some churn is, you can say, wanted and necessary. If you build a new business unit and you want to find the right team composition, then you might have to go through a few different skill sets and people before you find the right team.
That is something we call a positive churn. Then you of course have unhappy and unwanted churn where somebody leaves to another place, but where we would actually have liked to kept this person around. This is something we struggle with like every other tech companies. There's a big demand in tech capabilities and in people who knows about software. We are full on our GOTO. All our GOTO videos are on the internet. Everyone can learn from them. As you see, we already passed 30 million so a lot of people take advantage of this. It's actually one of the largest channels in the world. Governance, we have a board composition of 40% female at the board level. We have a high degree of compliance and ESG in this regard.
Kristian, let's move on. Now I hand over the word to you.
Thank you. I will go a little more into details in relation to the financial performance. Overall here, the Trifork Group performance in relation to revenue. Jørn already talked about this in the beginning. You see here we have almost the same ratio of growth from organic and inorganic, and especially in relation to the inorganic growth, this was primarily related to the acquisition of Nine back in September 2020. This is also why when you then looking into the fourth quarter see that the inorganic part of growth in the fourth quarter here shows up way lower because it's not impacted by the growth from the Nine acquisition since this in the fourth quarter is organic instead. Looking a little more into the group performance on EBIT.
We are guiding on EBIT, and this is why we're here for Trifork Group is focusing on EBIT and also adjusted EBIT. As Jørn already explained, the deconsolidation of Dawn Health in 2021 meant that we had an income of that, and that was impacted on EBITDA, equal also to on EBIT. Here when you see the difference in between the adjusted EBIT and EBIT, then in 2021 you have this EUR 22.1 million impact from the deconsolidation. And you also have the IPO-related cost then as an additional cost when looking into EBIT. All of this is adjusted for when looking into the adjusted EBIT.
Here you see that we improved the margins on EBIT and realized total adjusted EBIT of EUR 15.5 million, equals almost doubling up from the same period in 2020. Looking then into the Trifork segment performance, then the Trifork segment adjustments here you could say, or the difference in between the Trifork Group is that the cost of running the labs organization, which is just about EUR 1.5 million in 2021, is then adjusted for here when you're looking only into the Trifork segment. EBITDA here, when it's unadjusted, is impacted by the DAWN consolidation, and when adjusted, it's 18.1% margin and EUR 28.6 million overall. It's a 42% increase compared to 2020.
Moving on to Trifork segment performance in the EBIT and adjusted EBIT. You also see here that the impact or growth compared to 2020 was even higher, giving us an adjusted EBIT margin of 10.6% in the Trifork segment. Overall, looking into EBIT, then the impact of the Dawn deconsolidation of course was very high compared to the normal year. This is why you see the high ratio here and the high growth compared to 2020. Diving into the sub-segments. Within the Trifork segment, we have three sub-segments, Inspire, Build, Run, which is also shown in our go-to-market model. Here you see the actual numbers.
Jørn showed you that just about 70% of all revenue was in the Build sub-segment and just about 21% is in the Run sub-segment. Build and Run are really the drivers of revenue and revenue growth in the Trifork segment, and this is why we focus on them here. Overall, you then see the margins. You see the margins in the Build segment in the graph to the right. Overall, EUR 26 million in EBITDA, adjusted EBITDA, equal to a margin of 21.2%. You see the Run-based EBITDA adjusted of EUR 7.4 million equal to 22.8% in margin. You also see an other segment.
This other segment, it comprises of a group overhead of the impact from IAS 19 on pension liabilities. Also in our other segment here, we have, for example, our Code Node facility in London where we in 2021 did not have any activity due to the lockdowns. We still have an abnormal high cost here of EUR 1.3 million. Normal level of other would be between 3-3.5 million in cost. Now I'll dive into selected sub-segments. Here we have the Build sub-segment, which is by far the largest sub-segment in the Trifork Group. We're looking into how the revenue growth was in that sub-segment. What you see here is that overall, we had an 18.2% organic growth.
You also see that all the inorganic growth is placed here in the Build sub-segment. All the 41.8% growth compared to 2020. You also see the impact, as I talked about before, that the inorganic growth was very low in the fourth quarter. Organic growth was still at 15%, and this is also where we see it moving forward into Q1 in 2020. The adjusted EBITDA, looking into that, we saw an increase from 19.5%- 21.2% from 2020 - 2021. This is an improvement of almost, or a little more than 50%. This is satisfying in this area where we have the highest ratio of revenue in Trifork.
What you also should pay attention to is that 61.6% of all revenue within the Build sub-segment is what we call repeat with the strategic customers, meaning that this is customers that we've had for more than two years, where we, like Jørn explained in Vestas case story, do repeat in new product development with the customer and then continue to follow the customer on the journey to digitalize the company even more with the new and smarter solutions. Looking into the Run sub-segment, we still see that the Run sub-segment here is the sub-segment where we have the highest profit margins, EBITDA margins. Looking to adjusted EBITDA, we have had a margin of 22.8% in 2021 overall.
We also see that all the growth in this sub-segment has been organic, and this is also how it has been historically and how we see it moving forward, that organic growth will be the highest here, and that we will have the highest profit margins. Now looking into the Trifork Labs segment. As Jørn explained earlier, we really focus on the Trifork and Trifork Labs segment. Trifork Labs segment here accounted for a profit of EUR 3.3 million in 2021.
Even if we had a loss in EBITDA of EUR 1.5 million, then the net result here is close to EUR 3 million based on increase in value of the investments that we are involved in. What you see here, the change from 2020 to 2021, if you're looking to the graph to the right, then you see the accumulated realized and unrealized gain in 2020 was very high. That was primarily based on the value increase in Humio that we exited in early 2021, so this is why you see the big change to realized gain from unrealized gain. We have the Dawn deconsolidation, which was made in late 2021.
The deconsolidation was made in the Trifork segment, meaning that when Trifork Labs took over the investment as a financial asset, that was here posted as a cost and active investment of EUR 20 million. That is behind the increase you see from the EUR 5.5 million in carrying amount to EUR 30.6 million in carrying amount. End of 2021, the total balance of all the value we have from our Labs investments, carrying forward was the EUR 47.3 million, equal to the investment of the EUR 30.5 million and unrealized gains added on in 2021, hereof the EUR 16.7 million.
Looking into cash flow and financial position, Jørn elaborated that we are in a position of a net debt to adjusted EBITDA of - 0.4x, and we are net cash positive with EUR 17.1 million. This is despite all the investments that we have been doing in Trifork Labs, despite the acquisitions that we've been making and also paying out, for example, EUR 13 million in dividend during 2021. All a solid position, which we also expect to bring forward with a positive operating cash flow moving into 2022. Ending up here with our guidance for 2022.
We have a guidance on revenue, stating a revenue target between EUR 175-180 million , and this is primarily related to organic growth. What you see in the details and guidance in our annual report is that we guide on the 12.5%-15% organic growth. When guiding on that, it's also that we had the deconsolidation of Dawn, and this is also described in the financial report, where you see, if you're looking back to the notes, that the EUR 4.4 million that Dawn have contributed with in 2021, if you take that out and then compare it, then it's this 12.5%-15% organic growth when comparing the new revenue guidance.
We have not guided on any potential new acquisitions, but only including the inorganic growth in the guidance that we see in already completed acquisitions. If any new acquisition will be announced, then we'll also announce what part or what impact this will have on our guidance. In the Trifork segment, adjusted EBITDA, we guide on EUR 29.5 million-EUR 32 million. On the Trifork Group EBIT, we guide on EUR 15.5 million-EUR 18 million. When guiding on the Trifork Group EBIT, I also want to point your attention to that this of course then is including the expected cost we have of running the Labs organization.
If you just look into the labs organization for the past five years, then we have had an average EBT in the labs segment of EUR 14 million a year in average. Here we would suggest looking into the Trifork segment EBIT as the best guidance. The cost of running the labs organization is just between EUR 1 million-EUR 1.5 million in average a year. I'll hand over to you, Jørn, to conclude. You still here, Jørn?
Thank you so much, Kristian. This actually concludes our presentation for today, and we are open for questions. Maybe you can go to the next screen, because we already used up a lot of time, so we would like just to dive in.
Maybe I can say something quickly about the questions again. You find a hand at the bottom of your screen that you could raise if you have a question. Give us a few seconds so we can unmute you, and then we kindly ask you to introduce yourself on the call. If you want to unmute yourself, you can again touch this hand. Just looking whether there's any questions. So far we don't have any questions here of the attendees. If anybody wants to raise a question, please indicate that to us. Okay, I see we have one Serge Rotzer. You'll be unmuted in a second. Please introduce yourself. You can go ahead.
Yes. Good morning, everybody. It's Serge Rotzer from Credit Suisse. I would have several questions. I would ask one by one if this is okay for you. Probably first question to the outlook, Kristian. You mentioned that you didn't reflect any non-organic growth into this top-line guidance. What about then Vilea and STRONGMINDS? Is this in this hundred and seventy-five to hundred and eighty million already included? And how much-
Yes, I can answer that. All the acquisitions that we have done in the past and are completed are included. From Vilea, this is revenue from until April that will be included, since the acquisition was done in May 2021. In relation to STRONGMINDS, this will be included until October, since the acquisition was done in November 2021.
Basically we should deduct the consolidation impact from your
Yes, but this is only between.
The adjustments you made with the numbers because it deducts EUR 4.4 million. We had to also then to increase the impact of Vilea and STRONGMINDS to calculate organic growth. Is this correct in your view?
Yes, this is correct. This is between 0.5%-1% registered as inorganic growth.
Okay, cool. Very helpful. Probably the next one, all time guidance, you didn't make any guidance for the different segments, but you already achieved quite high margins. I remember last year you guided for Build the margin between 18%-20%. You exceeded it by 21.2%. What should we expect here? The same is true for Run, you know. You guided 21%-23%, and you are close to 23% with the 22.8%. Is this band still true for the current year, or do you see any changes? Do you see upside on that, downside for the different segments here?
I'd say in our guidance, it's more or less to stay stable, you could say. Of course, the way the market and the economy is at the current point in time, we will see inflation rising. We already see that. Depending how good we are in relation to pass this on to our customers as well, if they're ready to pay more for the services. Because definitely we will look into a higher cost level at some areas as well. Initially it's about keeping the margins. If we're able to improve them this year with the current situation, I'm not sure. In our guidance, we are more or less staying on the same level.
Okay, cool. Next one, it's only from my understanding. When you did the IPO, you had 48 business units, and now you have 58 business units. But you mentioned that you have opened eight business units, so I lost two business units. If you could help me here, and probably if you can say where you have opened these business units. Are these units all in Denmark or outside of Denmark?
The new business units are in different countries. The one that was mentioned, the eight, was organic growth. As Jørn mentioned, we have two new business units in the STRONGMINDS and Vilea joined the group.
Okay
In 2021. Overall it's not only in Denmark, but it's also in other countries. Overall, if you see in 2021, then you see almost all the inorganic growth, maybe 95%, was in Denmark. You still see the ratio of the revenue in Denmark compared to countries outside of Denmark being more or less the same, a little less in Denmark compared to global. With the inorganic growth in Denmark, then it also shows that the organic growth was the highest outside of Denmark.
Okay. It makes sense what you're explaining to me. This would have been the next question from me when I looked at the country breakdown, you know. The strategy was to grow outside of Denmark, U.K. and Netherlands and Switzerland mainly. The share in U.K. and Netherlands decreased, I have seen, from a total group from 8%-6% in U.K. In Netherlands from 7%-5%. I'm questioning a little bit the growth strategy in these two markets. In Switzerland, the share grew from 1%-3%, you know. The delta is around close to EUR 3 million, and I guess this is the consolidation effect of the Swiss acquisition.
What I want to say is that you're not growing outside your strategic markets, so U.K., Netherlands and Switzerland. I know it's still only a few months ago, but if you can help me here. Lastly, outside of these key markets, mainly rest of the world, your share increased from 8%-12%. You have grown by 118%. Can you explain me what this has been in market, country, customer, whatever you are able to disclose?
Yes. I mean, what I can disclose is that I think the market is more being globalized, meaning that you might have an entity in one country, but actually this entity is spread also, like traffic being more globalized, meaning that that we can have a U.K. customer, but actually delivering to other countries than U.K., based on that U.K. customer. It's not so easy just to put it into boxes into countries, as it maybe was in the past. I think this is what we're experiencing. Then you could argue, well, does it really make sense to focus on where you deliver your revenue? I would say no, maybe not, because it is being more globalized.
You could say where we focus, we extend our organization is in the focus markets we have. Of course, some of the focus we have on, for example, Switzerland is then paying out also in Switzerland. As you see and know in Switzerland, you have a lot of companies, international companies, and sometimes we then invoice them in Switzerland, sometimes the U.K. or other countries, but working still for the same global entity.
Okay. Got it. Makes a lot of sense. Then probably a last question to Jørn. I remember in the past quarters you mentioned that you would like to buy companies, but the multiples are too high. Now we have seen that multiples are coming down or have been coming down quite materially. What about your mood? Do you see now growing opportunities to grow also inorganic in 2022? Or where are the hurdles?
Yeah. You are, you're completely right that we have a great appetite for growing inorganic, and to change the picture you have been seeing here from Q4 2021. We are very active, but I would also say we are probably very thorough in doing due diligence, so we have a fairly large, compared to what we used to have, very large pipeline. We do a lot of research as well. We do a lot of sorts, and we do a lot of preliminary interviews and investigations. Sometimes we also start trading with potential M&A targets too. If we buy a little bit from them, then we can see how they act. We analyze what technology stacks they are on.
We analyze what customers they have, how well they fit into our business areas, et cetera. You can say we have a bigger radar now. We are doing more work, more investment into selecting the right candidates. I'm confident that we will see that there will be a more steady inflow of companies into Trifork, into the Trifork Group as we see, because the disruption from the IPO and we had to pause these activities, you know, it took a while to see the consequence of restarting that because it is a long process. We have also had some near misses, you can say, that where we actually thought we would do it, but then eventually we decided not to.
We are probably in the process of lowering the risk when bringing in a new entity into the Trifork Group.
Also just to add to this that you see the most recent acquisitions we've done are quite small, and this is also, you know, the favorite size of the companies that we're looking for is not to be too big because if they are in the size compared to one business unit, then it's much easier for us to integrate them into the group.
I would say if any one of you who is listening here has any good ideas on why don't you collaborate with this company, we are all ears. We are very much interested in looking at strategic partnerships, M&A opportunities, et cetera.
Okay, cool. Quickly, a follow-up, and then I will stop, sorry for my colleagues. Do you see also for sellers then in the market, you know, companies which are going bankrupt or who have a cash issue, where you get an offer? This would be the question one. The question two on this is do you really have to acquire, or do you see opportunities that you can step in as a successor and grow organically as other companies are going bankrupt, if this is true?
I would say that probably in our strategy is not to do turnovers or turnarounds. We actually decided for our strategy, we wanna work with already successful companies because the effort of turning things around is it can take a long time and drains a lot of energy from the whole organization. Even though there might be some good you can say investment out there, then we avoid it for the time being. What we do explore more and more is to start you know more organic. To start with people who are very entrepreneurial and then to work out an agreement with them, so they can start in a new place from the ground up.
There needs of course to be a specific good reason to do that, but this is something we're looking at as well. That's a good alternative to do an M&A. Then there need to be a good traction from the beginning in number of team members you can bring in very fast and probably also customers you can bring in. We need to have confidence that that will happen soon. Of course, investment-wise, that's the best thing you can do.
Okay. Many thanks. I'm done, and I'm handing back to Dan. Dan, you can. Bye-bye.
Yeah. Serge, thank you very much for your questions. Just one reminder, if somebody else would like to ask a question, please raise your hand. We're getting close to one hour, but again, one last reminder, please raise your hand if you have any questions. I see we don't have any further questions. Jørn, do you want to make a closing remark?
Yeah. Thank you so much for listening, and we are always available for answering questions on various channels. Please don't hesitate to reach out directly to us. Thank you for today and hope to see you in the real world very soon.