The strategic choice of Space Hellas for entry into the Software Integration sector with the joint acquisition with Epsilon Net, of the company SingularLogic and the acquisition by Space Hellas of the majority stake of 60% and this management, has begun to bear fruit as reflected in the 2021 financial statements of SingularLogic, which highlight the result of the above moves as absolutely successful.
SingularLogic, which closed 2020 with negative funds of 8.3 million euros, in 2021, it presents a fully resolved balance sheet with positive equity of 9.2 million euros positive working capital, net debt of 1.1 million euros from 26.8 million in 2020 and a profit after tax of 1.3 million euros.
More specifically, 2021 was a transitional year for SingularLogic, as the acquisition was followed by the splitting of the proprietary software sector, which was completed on 14/7/2021. The effort to place the company on a growth trajectory, maintaining its goodwill in an environment of constant changes in structures and philosophy, after the split led to a turnover of 17 million euros, affected the gross profit margin which hovered at 11% and was reflected in a gross profit of 2 million euros.
On the other hand, the reduction in operating expenses led the company to earnings before interest, tax, depreciation and amortization (EBITDA) of 3 million euros and the reflection of the financial resolution resulting from the acquisition resulted in a profit after tax (EBA) of 1.3 million euros.
In 2022, the continuation of Space Hellas Group’s goal to reposition SingularLogic in critical projects and infrastructure of the public sector, while expanding its footprint to large private sector customers, gives it the right to dynamically promote its significant added value and improve both its sales and its profit margins in the long term.
SingularLogic provides solutions that support modern businesses and organizations in their digital modernization with Enterprise Solutions such as SAP, ServiceNow for the automation of Business Workflows, Business Intelligence, Analytics and Power Apps of Microsoft, Web Portals and e-Commerce Solutions, but also a series of specialized and combination solutions consisting of ERP, CRM systems, HRMS and Loyalty.
At the same time, it provides vertical solutions and services for the Retail and Fuel sector, the Financial sector in terms of Leasing, Collections, Real Estate and Management of Legal Services, as well as IoT solutions that contribute to the intelligent management of buildings, cities and industrial facilities.
Finally, all of SingularLogic’s solutions are framed by services that comprehensively cover the IT needs of an organization such as Project Management, Software Integration, Custom Software Development, Business Application Consulting and Implementation Services, Data Center and Cloud Services, as well as remote and on-site support services nationwide.