Yesterday Danish CMS vendor Sitecore – winners of this year’s Web Idol 2008 – released their annual report which documented that the company is continuing their rapid growth. Revenue was up 86% to DKK 56 million and profits are up 216% to DKK 20 million. Sitecore now has 120 employees globally.
On the face of it these figures seem impressive; particularly considering the current rocky and stormy climate. However, a closer look at the annual report threw up a few interesting findings:
A significant part of Sitecore is owned by a company called Company Factory, which also owns Sitecore integrator Pentia and another company called Sitecore Foundry. This is documented in Danish on the Pentia site. Company Factory is a holding company and does not have a website with further information. Sitecore Foundry is also the name for a Sitecore solution aimed at making it easy for enterprises to manage microsites.
Sitecore announced “that revenues have grown by over 100% over the prior fiscal year 2007-2008″ in a press release on Nov 4, but the numbers in the annual report tell a different story. Why exaggerate the good numbers? Perhaps the numbers changed in the audit process? If not, I must be reading or interpreting the numbers wrongly. (CORRECTION – Dec 2: Please see comment below from Sitecore CIO with clarfication)
Sitecore owns 49% of their subsidiary in Ukraine and 30% of Sitecore UK. I don’t know who owns the remaining parts.
NB: If you want to learn more about Sitecore and exchange experiences with other practitioners you can join the J. Boye groups for web and intranet professionals