Welcome to this quarterly update for the second quarter of 2022 for Exsitec Holding. Speaking now is me, Johan Källblad . I'm the CEO of Exsitec, and I've served in this capacity for 12 years now. Also with me is our CFO, Anna Gustafsson. This is the agenda. Starting off, I will talk a little bit about our business and then our financial performance in Q2 and priorities going forward. Since we are in the middle of the summer, I suspect a lot of you are watching the recording. If you are watching live, feel free to ask questions via the hand raise function in Zoom or by sending an email to ir@exsitec.se.
All right, looking at the company, we exist to help medium-sized businesses use digital tools to improve their operations, and this can be things like reducing administration through automation or use data for better decision-making or adopting e-commerce. We like to target a mid-market segment where the customer is large enough to really get value from investing in digital tools, but they oftentimes lack the right competence and experience internally. We can add a lot of value to this customer segment. We work in a modular component-based approach, where we have made a selection of relevant software products for different business processes and use cases from a few software vendors, where we act as a reseller. We do in-house development of integrations between these software products, and we guide our customers to a good combination of software that fit their business.
The customer gets access to software and integrations through a subscription model. Our professional services team configure the systems and train the users to make sure the customer is successful in using them. Lastly, we offer a support service that's a single point of contact for everything that we deliver. The idea here with a component-based approach is that the implementation projects can be relatively small, and we earn trust, and we scale our engagement with the customer over time. It's land and expand business model, and typically around 2/3 of our organic growth comes from existing accounts and 1/3 from new sales. These are the primary software providers that we work with. It's reasonable balance with no one being more than 30% of our software revenue, and the largest four here are around 70%.
We have a revenue share partnership with the software providers, where we bring their software to new accounts and make sure that existing accounts are successful in using the software over time. Since we have several thousands of companies in the Nordics as our customers, going through us and selling through us is a very efficient way for a software company to reach a market of scale in the Nordics if they're interested in mid-market companies in the Nordics. An interesting thing that we can do with these software components is to combine them in a modular way, where we've created the packages to fit different industries, and these packages are often made up of the same foundational components with some industry-specific add-ons.
The customer base is spread over quite a few different areas of operations and segments, with some clusters. We've seen a lot of growth, for example, in the construction and installation space over the last few years. It's a good spread throughout different industries, where we're not really dependent on one industry segment. We set up the core of this business model around 10 years ago, and we've had a solid and profitable organic growth every year since we reached the scale. As we have become comfortable with the core business model, we've been increasingly confident in adding growth through acquisitions to be able to increase the size of our customer base faster than what we can organically.
Like I said before, I've been in this role since 2010, and this report is a little bit special to me because I realized our LTM revenue has increased 20-fold from the first time I made a yearly report, which was in the summer of 2011. Today we're almost 500 employees in Sweden, Norway, and Denmark, and an important DNA for us is to hire and develop talent. We don't really expect to find people that are already skilled in the exact products that we work with, so instead, we try to find great people and train them. This is a great culture builder also, and we've been named one of the most popular employers in Sweden for university graduates in the technology field for the last couple of years. Time for the financials.
For the second quarter of 2022, overall growth 46%. We feel that this is pretty good in a solid market. Organic growth was 8%. There are some factors to take into account here when looking at growth. First quarter was a little bit shorter in terms of working days compared to last year, but primarily we've been challenged by personnel constraints, especially in the units we acquired during 2021, where staff turnover has been relatively high, very high in some instances. The market conditions have been favorable, we feel, but we've had to prioritize. Finding qualified staff is a challenge, and it's been difficult to keep up with the demand when we see a high personnel turnover in acquired units.
It is what it is, and we've seen this before. It's just we had an unusually high level of growth from M&A in the first six months of 2021. In the comparable numbers from Q2 a year ago, we've been struggling to keep up with the hiring and training. Even so, solid growth and good market conditions, so really not much to complain about. EBITDA increased a little bit from SEK 22 million- SEK 25 million, but lower margins than last year. We've gone back to a pre-pandemic way of working, where we visit our customers a lot and we do a lot of activities together. We think long- term, this is a good culture builder and the right way for us to work, and it's also good for building customer intimacy.
I do need to highlight that personnel costs for travel and kick-offs and such has gone from SEK 2.5 million in 2021 to SEK 10 million in this quarter in 2022. Another difference in comparables is that the Norwegian business unit that we acquired in Q2 of 2021, in comparison with last year, has contributed with an additional SEK 22 million in revenue, but with a negative EBITDA. Q2 historically has been a problematic quarter for them. If we look at the business excluding this, the rest of the business is performing very well. Obviously not satisfied with the financial performance from Norway, but as I've said before, we've expected this to take time to improve, so no major deviation from our expectations, really.
We should expect personnel costs to be higher than during the pandemic, even going forward. As for pricing, we've done some price increases, and we've been more restrictive on discounting, so we do not have a margin erosion in the core business. Recurring revenue from software has pretty good growth, up to 51% in the quarter from a year earlier. This depends a little bit on the type of product mix we have in our sales, especially the e-commerce business is more consulting heavy and relies less on packaged software than the implementation of financial systems. We do of course like to increase the level of recurring software revenue overall, but supporting our customer needs is the main priority.
To some extent, we have to live with different revenue mix in different business areas. To reach a high and steady level of recurring revenue is a priority. Looking at the totals in the revenue breakdown, recurring software revenue is 28% of revenue LTM, and we continue to see good growth in also in contracted support and infrastructure revenue, which is another recurring revenue stream. This is an add-on service to the software that we deliver. In the last twelve months, this made up 8% of our revenue. Still largest revenue source is revenue from professional services related to implementing and maintaining the software we sell, and this made up 60% of our revenue LTM, with around 2/3 being on existing clients and 1/3 being for new implementations. The drivers for recurring revenue.
First is that all new sales is on a SaaS model, whereas sales that were made maybe five years ago or 10 years ago could have been on a perpetual one-off license model. Now it's also always on a subscription model, the software that we sell. It's been like that for a while. It's nothing new. We also do cross sales on a larger customer base because of a wider software offering that we have now compared to what we had a few years ago. There's still some work to do to convert old license models from a perpetual model to a SaaS license. It depends a little bit, vendor by vendor. Some were laggards and started one year or two years ago, and some have completed this transformation.
We also, like I said, before, we do our own add-on services that we deliver on a recurring basis, like support and integrations and infrastructure services. This is what made up the 8% of the total revenue, as I mentioned on the last slide, with a really strong year-over-year growth. Going into priorities going forward, this should be nothing new. We do want to increase our footprint at existing customers by having a relevant offering and making it easy for a customer to grow with us by having out-of-the-box integrations and a single point of contact support to make it easy to add on additional software components to existing implementation and an existing technology stack.
We do want to invest in people for sales and marketing and for professional services and in talent development in general. We want to strive for business excellence and improve our margins over time. The solutions we deliver may be complex, but the business model really is not that complex, and we've done this for a long time, and we have a really nice feedback loop with our customers on what their priorities and needs are. We still feel that there are significant opportunities in continuing selective M&A to add to the customer base or to add on to what we can do for our existing customers. Looking at M&A going forward, our main priority is to get access to a new customer base that can be in the target for our current offering.
The other things we're looking for is to get a better offering that can benefit existing customers. The way we do things, we prefer to implement the same governance model and the same models for talent acquisition and sales, but then try to keep the experience intact for existing customers of an acquired unit. Onboarding of new units takes some time and some effort, but our experience is that it works out well over time. We closed a few deals in the quarter. The acquisition of Spot On was the large one. That makes us the market leader on the e-commerce platform, Litium, in our market. The other ones are smaller, to strengthen our market leadership in Visma ERP systems and to improve our business intelligence capacity in Norway and in Denmark.
Given the uncertainties in the financial markets, we expect it will take some time for the dust to settle. Right now it's hard to agree on valuations between sellers and buyers. To be clear, we think that the multiples on the private companies should come down a little bit, and it will take some time for that, for the expectations to settle here to the new market conditions. No change in the long-term activities really from our end. Want to repeat our financial goal. Our financial goal is to surpass a turnover of SEK 1 billion in revenue with an EBITDA margin of 20% sometime in the period of 2023-2025.
Overall market conditions for sure can affect the timeline here, but so far, we do not see a weakened demand for our offering, so we'll just keep on working, trying to keep on growing and improving, a little bit every month. This concludes my presentation for the quarterly update on the second quarter of 2022. Feel free to ask any questions. Hampus, have you received any questions?
No, we have not received any questions. If you would like to ask a question, you can use the raise hand function in Zoom now, or you could also email your questions to ir@exsitec.se.
All right. If we don't have any questions at this point, I wish you all a really pleasant summer, and look forward to seeing you in the fall. Take care. Thank you for listening in.