Verisec Q1: We believe in Freja eID2017-05-17 11:49
Verisec’s Q1-report was below our expectations. Revenues of SEK 14.8 million (our estimate was SEK 19 million). The gross margin, however, was significantly better than we expected. EBIT therefore was in line with our estimate, ie SEK -4.1 million (expected -3.5 million). We believe Freja eID will be the major growth driver in 2018 and beyond.
Estimates vs actual:
A partnership agreement with Tieto regarding Freja eID was concluded after the quarter. All county councils and 275 of Sweden's municipalities have Tieto's systems and services integrated into its IT environment. The collaboration opens up the opportunity to support Freja eID in several of these digital services and eventually build a portfolio of relevant services that can drive traffic and revenues for Verisec.
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