"In the course of the pandemic, more and more companies have realised the importance of organised and accurate master data for setting up business and sales processes online in a professional manner. Thus, they have invested heavily in MDM," said Stibo Systems CEO Jesper Ejlersen.

"Retailers, distributors and CPG (consumer packaged goods) companies have reacted to the shift in business from physical to online, and manufacturers have been eager to digitalise their businesses to work seamlessly with vendors, suppliers, their customers and third parties."

One result has been record revenue for Stibo. For the year ending April 2021, the company reported revenue of $145.96 million (up 5.4% year-on-year), with $2.62 million in earnings before interest and tax.

That was a significant turnaround on 2020, which saw a planned deficit of $15.58 million resulting from the transition to a software-as-a-service business model.

"More than 80% of our new customers have chosen a software-as-a-service master data management solution. For us, this is a positive development because it creates a higher stable recurring revenue in the longer term. So, our investments in this area have already paid off. And our cloud offering will be a success factor for many years to come," said Ejlersen.