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's activity report 2022

As of June 1, 2022, Boku Network Services Estonia OÜ (formerly known as Fortumo OÜ until May 31, 2022) is part of the international group Boku Inc, listed on the London Stock Exchange, which provides mobile payment solutions and a partner marketing platform. The company's headquarters are in San Francisco, USA. Its clients include large, international companies such as Google, Spotify, Tencent, etc.

Boku Network Services Estonia OÜ is the parent company of business units Fortumo Mobile Service Private Ltd (India), Fortumo Singapore Pte. Ltd (Singapore), and Boku Network Services ES S.L. (Spain). Boku Network Services Estonia OÜ owns 99.99% of the first mentioned companies and 100% of the last two mentioned companies.

As of the end of the year, the group employs 104 people, most of whom work in Tartu and Tallinn, but there are also individual workplaces around the world.

Significant events in 2022. In the spring of 2022, reorganizations took place in the Boku Inc. group, as a result of which the Estonian organization was fully integrated with the rest of the Boku organization and a functional management structure was introduced across countries. Following the reorganizations, it was decided to change the business name to Boku Network Services Estonia OÜ (hereinafter BNSE).

Over the years, the business focus has been on the Asia and Middle East region, and investments have been made in recruiting new employees and bringing new products and platforms to the market. In 2022, the group continued to invest in the same business directions, focusing primarily on increasing the revenue earning capacity of existing products through the creation of new connections and finding clients with very high growth potential and growing their portfolios.

The group has so far focused on the digital services market (app stores, music and video streaming services, game developers, social media, etc.), where private customers were seen as the main consumers. In 2022, the focus shifted to areas where digital service consumers can also be small and medium-sized businesses.

The organization's main focus is on emerging markets, where the number of credit card holders is small and the infrastructure of traditional payment channels is underdeveloped. As a result, in addition to connections with telecom operators, a new important direction is emerging - cooperation with electronic wallet service providers and the provision of this payment solution to clients.

In addition to the aforementioned payment services, the range of services was also expanded through a partner marketing platform (bundling), which allows digital service providers to reach new users through the marketing network of mobile operators. The partner marketing platform, first launched at the end of 2018, continued to grow rapidly as a separate business direction in 2022. The number of unique clients doubled over the year, exceeding the 4 million service user mark by the end of the year. The group continued to actively develop the platform and business development, launching new clients and expanding cooperation on the new platform with mobile operators around the world.

People

As of the end of the year, the company employed 104 people. Growth compared to the previous year +4 new employees. In addition to technical skills, the selection of employees is based on the values, motivation, and fit with the company culture of the employees. From a technical skills perspective, both beginners and experienced specialists are hired. More and more jobs are being created in Estonia that support the development of the entire Boku organization. Preferred job types are software development and technical jobs. BNSE continues to recruit with a thorough selection process, despite intense competition in the labor market.

Financial Results

The company's sales revenue was 7.6 million euros, which is 12% more than the comparable sales revenue a year earlier. At the same time, due to increasing competition in the labor market and the necessary investment in hiring additional employees for future revenue growth, the company's pre-tax profit fell significantly (- 70%).

Global events such as the war in Ukraine and the resulting restrictions had a minimal direct impact on the 2022 volumes. Business with Russia and Belarus made up a negligible part of total business volumes. The bigger impact has been the war and the impact of rising interest rates on the international economic environment. Several developing countries, due to economic difficulties, have begun to restrict currency movement, which in turn makes it difficult to do business with partners in these countries.