A warm welcome to this next presentation at ABG Investor Days, where we have the pleasure of hosting Done.ai and its CEO, Staffan Herbst. My name is Simon Granath, and I work as a Tech Analyst at ABG, and I will be moderating this session where we have 25 minutes at our disposal. With those initial remarks, please go ahead and present the company, Staffan.
Thank you very much, Simon. Good morning, everyone. My name is Staffan Herbst . I am the CEO of Done.ai. Today, my plan is to take you through essentially where our company started our journey and sort of how we, over the years, have transformed the company and basically in our mission to build a one-stop-shop AI-driven efficiency tool for SME businesses in the Nordics today. If we take a step back, our journey began almost three decades ago in Norway when our founder started 24SevenOffice as one of the world's very first sort of cloud-based ERP systems. Taking it back to just the start or end of last year, we essentially sold the ERP division in a transaction to KKR valued at SEK 2.4 billion. The company then reserved SEK 300 million in order for us to embark on the journey with Done.ai.
Essentially, what we really want to build with Done.ai is essentially a new generation of business tool connecting everything together as a one-stop-shop driving efficiency and growth for SMEs in the Nordic market today. Let's double-click on the problem. Essentially, running a business today is complex. As many of you know, of course, maybe have been working in different companies over the years, its tools are disconnected in different sort of silos. It's difficult to connect data. Essentially, just looking at a problem of understanding what is kind of hindering growth or why a company has kind of slowed down in their growth position, it takes several teams, several tools, and hours to basically put together sort of just this common data ground where essentially you don't find it easy to connect over and find and understand the problem that you're actually having.
Essentially, that's the problem that we exist to solve. We really want to put sort of all of this sort of complexity into clarity through a tool. Essentially, what we want to do is to replace a traditional sort of software stack with one system, one intelligent platform that basically connects you through the different aspects of doing some marketing to CRM, to your invoicing, accounting, and basically your operations. It essentially drives your efficiency and growth within sort of your daily operations of running your SME that it is. Essentially, we want to, of course, transform this into kind of utilizing the technology of AI today so we can take the data layers that we have to really utilize the strength of the decision base that you can get from actually utilizing the data across the different systems that you have.
If we go into 2025, it has been a transformative year for us, of course, with the capital that we retained from the transaction that we did at the end of last year. We have completed more than 12 acquisitions this year. It is across basically accounting, but also spend management, fintech projects, as well as marketing and cloud infrastructure. It is a varied amount of tools, but really with one goal to really create our vision in terms of how we want to interact. Where we kind of started is, of course, to now we operate at our Q3 numbers that we reported two weeks ago. Now, we basically are directly through our subsidiaries serving more than 15,000 customers, have SEK 83 million in the quarterly reported revenue, as well as reached a profitable company at that quarter.
Of course, over 275 employees now across sort of technology, but of course, also driving sort of the near-term reach that we get with this. One important thing to mention is, of course, this is before we have really sort of really started to move towards all of the synergies and, of course, the integration that is possible within the platform itself. If we simply sort of look at this from the sort of perspective of the year as well, sort of where we started the year of last year, we had almost SEK 30 million in revenue. That kind of drove from this year into Q3 year to date. We have basically grown that to SEK 43 million with the remaining businesses that we had in the businesses.
Of course, the acquisitions that are driving a significant amount of the revenue and the business today in terms of how we are really sort of creating this sort of long-term growth plan that we were on. I think this is kind of the evidence, at least, that our plan is working. We are growing towards this target of really creating a larger group that really can connect the tech into how we can really drive these numbers forward together with sort of a one-stop-shop vision. It does not sort of take you cannot do this overnight. Essentially, we are, of course, doing this in different phases, and we can divide this kind of into three different phases. Where we are today and sort of where we have started is, of course, building this foundation.
We need kind of the tech layers together with, of course, the reach that we have through our partnership, but also through our businesses, together with, of course, the people that need to kind of drive the initiatives on all of these accounts. That is really been the thing that really sets together in terms of what has been the thing that we are driven with our acquisitions today to really sort of just acquire technology, people, and reach. If we look at then sort of phase II, it is all about more moving into the integrations of the platform itself, but also driving in terms of how we are presenting the tools to the clients.
Really sort of driving into on terms of AI optimization, it's, of course, sort of very important in terms of looking at how we can utilize sort of small expert models and really driving sort of knowledge and efficiency out to the customers that we have today. Of course, in phase III, we are building the company for scale. Clearly, we have sort of ERP partners today and other distribution reaches that we can get to, but we really want to move to other geographies and essentially sort of plug in that into other ERP systems that might be relevant there or also with other financial partners, as well as sort of looking at sort of the integrations to build on the reach that we are getting sort of in the Nordics where our focus is today.
If we look a little bit on the product suite in terms of what we have, we can divide it into sort of a fintech software and business operations. The business operations is essentially sort of what we see as our distribution. It's the key to kind of the adoption for this. Essentially, they are acting kind of as a distribution layer for both our software and fintech products to really drive the adoption of the tools that we have today.
Of course, looking at sort of our knowledge graph and intelligence, the analytics layer is really how we're going to drive sort of the people to use rather than using sort of the individual sort of tools that we have today as sort of a segmented sort of software stack to really utilize a Done platform to drive across sort of users, say, cross-selling across the different products that we have. That is really sort of why we believe in our model in terms of how technology and distribution really works hand in hand to really sort of drive sort of the intelligence with sort of human reach is really how you can really implement sort of the new technologies that we have together with the businesses within sort of the reach that we do have.
This is kind of what we see is kind of where we're heading because we can really sort of do in terms of what you want to do where you basically will interact sort of with our platform as a chatbot as you would do with ChatGPT or any kind of other of the AI agent that you would exist today. For example, we can really drive in terms of what you could do, which would basically mean that you could drive your different initiatives in terms of efficiency, growth, sales targets, to-dos, etc., in terms of how we can drive that or etc., you can move into the products within sort of each of the individual spaces that we have today as well, which would be sort of more of the front that might be the useful case today.
If we double-click a little bit on the CRM, so CRM is basically one of the first products that we are launching under sort of our Done brand alone. Many CRMs we feel are kind of failing in terms of how they're really operating with the SMEs today. Leads are lost a lot in terms of inboxes, of course, and spreadsheets. Basically, traditional or large CRMs have been sort of enterprise-focused. You're lost in a lot of admin on actually maintaining and utilizing the tool instead of actually driving your sales funnels and efficiency that you need to do. Hence, really what we want to create is really a data-connected sales engine that really helps you to drive sort of more sales, more pipeline conversions, and really drive sort of your in-house today.
That, again, is sort of directly connected into the ERP systems to unify, of course, customer data, invoices, balances, and activities along the way. Of course, we can kind of utilize AI to drive insights of automated follow-ups, but really sort of drive predicting churn and really sort of figure out sort of upsell opportunities as well. Of course, we have 45,000 businesses. I mentioned 15,000 earlier with the 30,000 that exist within sort of the ERP system that we have today essentially is where sort of our core target market will start with within our reach today. Also, of course, we will sell this beyond also directly out in the market as well.
If we just look at the market opportunity within sort of the space that we have connections to today, that, of course, exists with this 15% adoption rate within that time presents itself with a SEK 100 million revenue opportunity on that side. It is kind of proven in terms of how we can really drive our products further within our network and reach in terms of what we have. Fintech is really a core pillar of our growth. It is a foundation, of course, that unlocks recurring and really high-margin revenue streams for us. It brings back in terms of the transactions that I mentioned earlier. Of course, when we sold the 24SevenOffice ERP system, we retained an exclusivity agreement basically to deliver fintech products into the 24SevenOffice customer base.
Hence, what we really can do is, of course, utilize the customers that are within that reach, but also, of course, the invoicing amount, which equates to SEK 165 billion of annual invoices through their customers today. Basically, our initial focus areas, of course, are deferred payments, corporate cards, factoring, treasury, and open banking, and all basically share the same characteristics. It is basically driven on sort of large addressable markets, high-margin potential, and, of course, frictionless integration into where the customers are utilizing their systems today. Another product that is soon to come, we basically are going to launch larger to the market in Q1 next year, is Deferred Payment. Deferred Payment is essentially sort of a buy now, pay later solution, which basically is added on the invoices in the ERP system.
That essentially just means that end customers can essentially sort of drive or defer their payments while giving sort of direct liquidity to the business owners themselves. Clearly, there's a multitude of different use cases for this. A contractor essentially could upsell sort of their kitchen remodel or anything and essentially sort of offer all of a sudden that they can do a deferred payment on the top of that invoice, etc. There's a lot of things that we really anticipate that could do well here in terms of just drive sort of adoption within sort of an invoice base that already exists and drive conversion directly into this.
We are working with a partner on this side, which is basically so we do not take any credit risk on this, but essentially are sitting on the entire sort of customer flow and driving sort of our adoption and interaction with the customers on this. Essentially just looking at the opportunity again on SEK 165 billion annual invoice volume, we have a 5% conversion rate and 2% revenue uptake. It is essentially sort of a SEK 200 million of annual revenue opportunity that we have. It is also a low distribution cost and, of course, can scale very efficiently throughout the platform given that we have sort of the customers already using it and sort of also driving the adoption already within the ERP itself. Another one, which basically is close to my heart, of course, this is driven by one of our acquisitions that we did this year, which is called Accountable.
It brings corporate cards and spend management directly into the ERP. I have sort of never worked in a business where this is actually a seamless function. It always brings headaches both for the user perspective of driving receipts, driving you need to send them in and it takes a long time to get reimbursed, etc. Hence, what we really want to create with this tool is sort of a seamless solution that really can go from endpoint to endpoint and really getting your funds back to you seamlessly and also with control for the business. It is really a product that really we know has a lot of ability to drive sort of use cases in a smart way because there are tons of the tools around, but actually not ever sort of really solve the end solution problem here because it sits again in different silos.
That is really what the friction of what we want to remove within sort of our tools. Yep.
Again, to really scale sort of our Done ecosystem, I really sort of double-clicked a little bit in terms of the different tools that we have at our disposal. Of course, a key sort of network effect and to understand sort of really how we are going to drive sort of this feature is, of course, that we can combine the reach that we have from the ERP partners with our own network to distribute the software and the fintech products with us.
Really sort of every new customer really sort of strengthens the overall sort of income to us because at the end of the day, we have the ERP partners who are driving sort of adoption, which grows our fintech market at the same time. As of that, we can really sort of drive these adoptions across the whole. Of course, as more businesses sort of join sort of Done.ai, what we can see is, of course, that our knowledge graph grows. We will become better and better through sort of anticipating and drive sort of new layers of AI to really kind of drive a better efficiency and growth for our customers. Double-clicking at this, of course, because at the heart of our system is really sort of the Done knowledge graph, which essentially is the brain of the system.
That is kind of how we can utilize what we're talking about on the platform to really take the data from the different tools that you have and really summing it in one and give sort of the actionable insights to the customers itself. Because through that, we can drive adoption, we can drive upsell opportunities to other products, and also, of course, create sort of better use cases for the customers itself. They might sort of have cash flow constraints over the year. We can predict that. There might be sort of ability where they have more cash at hand and can invest it in a smarter way. Essentially just utilizing the data that exists there directly within the ERP system so that we can drive adoption to more products and create sort of better end customer experience with what they have at hand today. Yes.
Just to kind of end the note today, I really want to just sort of emphasize we brought together sort of a team of experts both in sort of fintech and technology today. We have the knowledge in terms of how we drive sort of a company and expansion in this sense. I'm truly sort of happy to be at this place, really kind of utilizing technology and how we can really sort of drive a new product forward in the Nordic market today. With that, I kind of just want to say thank you for listening thus far and happy to answer any questions that you might have.
Thank you so much, Staffan . Let's continue with a couple of questions. I'd like to start on the M&A topic because as you pointed out during the presentation, you have done 12 acquisitions in 2025. Is this a pace that we should expect going forward as well, or is it more about consolidating the different units, finding these revenue synergies that you point out as well?
We're definitely constantly looking at new acquisition targets. It might be that we will do less, but larger. I think at the end of the day, yeah, it varies slightly a little bit because sort of solely sort of a tech sort of acquisition might be smaller in value, but actually have a huge impact on the platform itself, which is kind of quick to integrate whereas a larger company with many employees has cultural and other elements to kind of take into consideration. Yeah, for sure, we are in constant sort of look for other acquisition targets, and it's definitely part of our strategy.
I think sort of what we have done sort of only during this year is something that you should sort of expect going forward because buy and build is definitely part of our strategy, so to say.
Very good. Can you help us understand the sort of balance between growth and profitability? Because as you pointed out, you have just reached positive EBITDA in Q3. Is this the sort of level we should expect going forward? Should you grow with profitability? What's the balance here?
No, I think we've always tried to kind of always say that we want to grow with a profitable sort of company. Essentially, we will balance sort of our investments into kind of product to really have that at play. Sort of drive sort of more adoption throughout sort of our company, but essentially sort of drive each individual leg that we have really sort of within sort of a profitable way. I think that's really the balance. I mean, we are also not sort of optimizing for profit at this point. We are, at the end of the day, sort of a growing tech company. Really utilizing that. At the end of the day, we also want to demonstrate that we can do that with a balance and really with a smart notion of really driving profitable growth.
Very good. I had a question on sort of what type of growth rates we should be expecting. You do not need to be specific, but in ballplaying figures, are we talking double-digit growth rates in terms of organic growth, or what sort of targets are you going for?
Yeah, I think I am going to defer sort of on any specifics on the question, given that it is, of course, as a listed company, we are coming out with these numbers and forecasts sort of as we are planning to do in a better and more detailed way. We also want to kind of drive, but I think that at least our history over the year will at least prove a sort of a way that we should continue to grow going forward. Utilizing the standard sort of SaaS plus sort of tech companies, I think is the way to look at us.
Yeah. It is very fair. Good answer. You also mentioned a couple of the different pieces in your portfolio. Which part do you expect to see greatest demand going forward? You did highlight which parts do you see the highest revenue opportunity, but where do you see the best momentum in terms of?
I think really where it really separates us is, of course, by coming at the market with not only selling one product, because it gives us a different opportunity to really bundle and really create a one-stop shop, solving the problems around a business and really sort of saying it outside than just selling one CRM, for example, or selling just one other product.
I think that is really how we will differentiate and how we can really sort of create sort of a sticky sort of long-term relationship with both sort of customers and partners because it really sort of drives adoption, but also helps people to really sort of become better at what they do.
Very good. Having AI in the core of your business, is it hard to find competence? There is lots of, of course, AI demand and these types of personnel competence out there. They are continuing to increase, but is it hard to find pe rsonnel?
Yeah, I mean, definitely, of course, there's a lot of sort of AI developers that definitely are high demand in the market, as you say. I think for us, the real sort of core aspects of our AI and our moat for others is, of course, that we are owning the data points. Essentially utilizing that because that means essentially what most of other sort of AI companies do not have is really the data. They can do a very, very smart model, but you cannot train it on anything. Really protecting that and protecting the customer's sort of integrity and doing that in a safe way with, of course, the inputs and data points that they have is really sort of the core of what we believe creates the value of where we are.
We can use other companies' technology, other LLMs, for example, if we want to use that, but really sort of protecting the AI layers and, of course, the knowledge graph to utilize other tech where necessary and so on.
Good. The final question would be, what are your main priorities going into 2026?
I think the main priority is really just sort of we're super happy to launch now with the full Done platform, really demonstrate to the market in terms of the integrations that we have been working on, that they will start to materialize over the year and really demonstrate what Done.ai will be. We've been, of course, very, very busy building the company over the year and on the different acquisitions. We are happy to kind of be in positions like this to really talk more about what we are aiming to do, and we want to do that more. That is.