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June 24, 2025 · 2 min read timeDespite the challenges in the ICT service sector, digital engineering company Nitor has continued on the path of profitable growth. In 2024, Nitor’s net revenue increased for the 18th year in a row. Nitor’s net revenue reached approximately EUR 40.4 million, with an adjusted EBITDA of EUR 4.5 million (11.1%).
”Nitor has performed well in the changing market, but we expect the competitive situation to remain intense. We continue to invest in service innovation and are committed to serving our customers even more comprehensively,” says Nitor CEO Olli Auvinen.
The ICT sector is experiencing intense competition, driven by aggressive pricing and an oversupply of professionals. AI transformation also challenges how companies operate. Nitor addresses these market changes through its ecosystem strategy, which enhances the company’s service offering.
In 2024, Nitor invested in strategic AI company Renessai, which helps organisations integrate AI into their operations, and in creative brand and technology agency Hi Shine. Ecosystem partners are strategically important to Nitor when expanding sustainable digital development into international markets.
”Renessai and Hi Shine complement Nitor’s service portfolio in AI, brand expertise, and creative design. Both companies also operate in Amsterdam, where we have recently become more active as part of our expansion into Western Europe,” Auvinen explains.
Global demand for software solutions is on the rise
Nitor expects demand for software solutions to keep growing, but the nature of demand is evolving. AI agents, cloud-based products, and modular, composable architectures drive a greater need for customised software solutions.
In 2024, Nitor’s largest client sectors were retail, media and entertainment, banking and telecommunications. Notable new client Marimekko partnered with Nitor to develop its digital channel. The digital engineering company’s clients also include S Group, Kesko, OP Financial Group, Elisa, DNA, Supercell, Finnair, Posti, and SL (Storstockholms Lokaltrafik).
”With a growing customer portfolio, an expanding range of services, and strengthened delivery capabilities, we will continue to increase our net revenue in the future,” Auvinen predicts.
The results of Nitor’s annual customer survey remained excellent in 2024. The latest analysis showed a Net Promoter Score (NPS) of 81, with 40% of respondents rating the partnership quality as strategic. The Digital Engineering Company has consistently achieved the highest satisfaction scores in Onway’s reference database for over a decade.
2024 brought in 35 new Digital Engineers
Nitor employs over 300 Digital Engineers. In 2024, 20 new employees joined the company. Additionally, 15 digital development experts were hired at Nitor’s ecosystem companies. The challenge remains the same: finding seasoned specialists.
”As the economy has weakened, finding new employees has become easier. However, there is still a significant shortage of experienced experts. That’s why continued investment in recruitment and strengthening our partner network remains essential,” Auvinen says.
In 2024, Nitor continued advancing sustainable digital development, joining the Science Based Targets initiative (SBTi) to establish science-based emission reduction targets. The company made donations to the John Nurminen Foundation and the Finnish Natural Heritage Foundation to support the protection of the Baltic Sea and the preservation of old-growth forests. During the fiscal year, Nitor also calculated its CO₂e emissions and achieved a 20 tCO₂e reduction compared to the previous year.
