Before we take the step into 2024, we look back with great confidence on the record year 2023 – a year characterized by strong growth, refined collaborations, new customer relationships and, not least, many new fantastic employees who have laid the foundation for new opportunities as we tackle 2024 with great enthusiasm and faith in the future. The successes during the year are many and in this annual summary you will take part in 6 highlights from the past year.

1. NEW CEO – Birgitta Hedegård
   We have had the pleasure of welcoming many new and enthusiastic colleagues in 2023 and not least we have gained a new CEO in Birgitta Hedegård. Birgitta has long-standing experience from leading positions in the consulting brokerage and IT industry and has now been entrusted with leading Upgraded towards new successes. This has not only strengthened our corporate structure but also injected new energy and vision into our work.
2. Gazelle company
   We are proud to now call ourselves a Gazelle company. Upgraded’s strong growth in 2023 resulted in us being named a Gazelle company by Dagens Industri (DI). DI Gasell is an award that has been awarded annually by the newspaper Dagens Industri to Sweden’s fastest growing companies since 2000 and is an award that is awarded to less than one percent of all companies in Sweden.
3. Strong growth – turnover over 1 billion
   Even though there are still a few days left in 2023, it is clear that we will by a wide margin, for the first time, exceed a billion in sales in 2023. This means that we will be able to present sales growth exceeding 50% during the year. A fantastic achievement dedicated entirely to our outstanding employees and culture.
4. New graphic identity
   We have undergone a total makeover of our graphic identity, where we have refined not only our logo but our entire expression. This is to better reflect our commitment, our attitude and the professionalism you can expect from working with us.
5. New customers and strengthened collaborations
   The year has been marked by increased engagement with existing customers and partners, while we are proud to present a number of new and exciting clients. These include Region Skåne, Lund University, Adda Inköpscentral and others.
6. Expansion outside Sweden
   During the year, we have written the first chapters of our international journey by taking the step beyond Sweden’s borders and establishing ourselves in Norway and Denmark, with the vision of continuing the expansion in 2024.

Establishing ourselves in Norway and Denmark represents not only a symbolic achievement but also a concrete progress strategy for our expansion and presence on the Nordic scene.

We at Upgraded would like to extend a big thank you to our customers and partners for the past year and look forward with great confidence to 2024 as a year of continued growth, developing both new and existing partnerships and not least continuing to refine our fantastic culture!

Upgraded goes against market trends and delivers results that challenge the consulting brokerage industry.

We continue to take market share in November, which we also see continuing into December. The market is somewhat cautious, although on the rise, which makes me incredibly proud of what we collectively achieve within Upgraded and the results we create together, says Birgitta Hedegård, CEO of Upgraded.

Looking at the first 11 months of the year, Upgraded has a turnover of 956 million SEK, which means that we will have a turnover of over a billion by the end of 2023 by a wide margin. The basis for the strong growth is both a continued positive development of the relationship with existing customers and new strategic framework agreements.

The work on the company’s geographical expansion continues with establishments in Denmark and Norway, where there is strong interest, and we continue to recruit key individuals. In addition to this, we are also looking at further international expansion in 2024, where a survey of future geographies is now underway.

Birgitta Hedegård describes the success as largely due to Upgraded’s strong corporate culture.

– We place great importance on creating a corporate culture where everyone should feel comfortable. We build our brand on being the personal consulting broker. There is always someone to talk to behind every advertisement and every inquiry. We see that customers and suppliers choose us because we are present, fast and professional. Our solid work in finding the right skills and partners is based on the fact that we want to be better than all other competitors on the market. When you create a workplace together with your employees, the entire business will develop and the results show that we are doing the right thing!

Upgraded is going against the grain and once again shows record figures for October. Sales increase by a whopping 66.8% to 122.1 million sek (73.2 million sek).

– We continue to gain market share in an otherwise cautious market and I am incredibly proud of all our employees and the results we create together at Upgraded, says Birgitta Hedegård, CEO of Upgraded.

Looking at the first 10 months of the year, Upgraded has a turnover of 827.3 million sek (539.4 million sek), i.e. a turnover growth of 53.4%. The basis for the strong growth is both a continued development of the relationship with existing customers and new strategic framework agreements. The previous forecast that Upgraded will have a turnover of over 1 billion for the full year remains unchanged.

The work on the company’s geographical expansion continues with establishments in Denmark and Norway where there is strong interest and continues to recruit key individuals.

Birgitta Hedegård describes the success as largely due to Upgraded’s strong corporate culture.

– We place great importance on creating a corporate culture where everyone feels comfortable. When you create a workplace together with your employees and allow everyone’s different qualities and skills to take their place, not only each individual, but also the entire business, will develop. Our solid work in finding the right skills and partners is based on solid sourcing work and skilled craftsmanship. In these times, higher demands are placed on finding niched cutting-edge expertise in combination with a speed that places great demands on the availability and presence of the employees at Upgraded, something that we have succeeded in and which is reflected in our figures.

Upgraded is going against the grain and once again shows strong figures when the results from the first nine months of 2023 are presented. Upgraded increases its turnover by a whopping 51.2% to 705.2 million sek (466.2 million sek). In September, the company’s turnover exceeds 100 million sek in a single month for the first time, when turnover reaches 108 million sek.

– After a 2023 that has been tough for many so far, with a weaker economy and a changing market, I am incredibly proud of all our employees and the results that we have created together at Upgraded, says Birgitta Hedegård, CEO of Upgraded.

2022 was a record year for Upgraded. During the year, turnover increased dramatically by 44.5% compared to the previous year and reached a turnover of 701.4 million sek for the full year, which has already been exceeded in the first nine months of the year.

When the figures for the first nine months of 2023 are reported, there are no signs that the success has stopped. Upgraded has continued to increase its turnover by a full 51.2 percent, which means that it lands in total at 705.2 million sek. The company has also signed several large strategic framework agreements, which, together with continued development of the relationship with existing customers, will contribute to continued very positive development and the previous forecast that Upgraded will have full-year sales of over 1 billion for 2023 remains unchanged.

The company’s geographical expansion continues with establishments in Denmark and Norway, where there is strong interest and continues to recruit key individuals.

Birgitta Hedegård describes the success as largely due to Upgraded’s strong corporate culture.

We place great importance on creating a corporate culture where everyone feels comfortable. When you create a workplace together with your employees and allow everyone’s different qualities and skills to take their place, not only will each individual person, but also the entire business, develop. Our solid work in finding the right skills and partners is based on solid sourcing work and skilled craftsmanship. In these times, higher demands are placed on finding niched cutting-edge expertise in combination with a speed that places great demands on the availability and presence of the employees at Upgraded, something that we have succeeded in and which is visible in our figures.

Upgraded People has recently won a coveted framework agreement worth SEK 400 million with Adda Inköpscentral for Stockholm County. The agreement, which is the fifth framework agreement won in 2023, spans four years and marks a significant success for the company.

The new framework agreement with Adda Inköpscentral is a significant step forward for Upgraded People, which has previously established itself as a trusted partner in consultancy for the public sector. This framework agreement is proof that it has been done with good results. With solid experience in developing tailored solutions to meet the complex needs of public organizations, the trust of Adda Inköpscentral has been won to deliver competent consultants over the next four years in Stockholm County. The areas of expertise covered are business development and strategy, financial management, process and organizational development, analysis and method, HR and competence supply, development and support in leadership and employeeship, and supervisors with psychotherapeutic further training.

This recent contract win marks an impressive achievement for Upgraded People, who have now secured their fifth framework agreement in just one year. This achievement stands as clear evidence of the company’s strong position and ability to deliver high-quality solutions within the public sector.

As a result of this agreement, an expansion of the staffing within the public sector team is planned, all in order to best meet the client’s needs.

– It was a truly rewarding experience to both participate in the procurement with Adda and to win it. It is a confirmation of our hard work and our ability to meet the customer’s needs, and I look forward to following our work with our new and large customer, says Oskar Bolin, who works with Upgraded’s public sector customers. Bolin was involved in the procurement process and has good experience from current customers in the public sector.

With a new CEO and new volume agreements, Adda is aiming high and investing even more in their mission to drive digitalization. With the help of Upgraded People, Adda’s skills needs within Stockholm County will be secured.

About Adda Inköpscentral

Addas Inköpscentral specializes in facilitating the purchasing process for public organizations. They act as a coordinating unit for purchasing and procurement. Public organizations can benefit from their knowledge and experience to make well-founded purchasing decisions.

Our successes and strong growth journey in recent years have been recognized and we have been named DI Gazelle Company 2023 – something we are incredibly proud and happy about. Every year, Dagens Industri selects the Gazelle Company of the Year, highlighting the country’s most successful companies. The award is made after a thorough assessment that ranks the fastest growing companies in Sweden. This assessment is based on the companies’ four most recent annual reports, which provides a comprehensive picture of performance and growth.

Very few, more precisely less than 1% of Sweden’s limited liability companies, meet the strict requirements to be called a Gazelle company every year. This award testifies to our impressive successes and we are very proud that together we have managed to get through this difficult time. The fact that we have also managed to achieve this fine award for the first time in the company’s history, while the market is extremely tough for many companies, makes us even more proud and humbled by the announcement.

We have big plans for the future that include an expansive investment in Denmark and Norway, while the business in Sweden continues to flourish with several newly won framework agreements and growth in both turnover and staff.

The award has given us extra drive and motivation for the autumn, and we look forward to a period filled with exciting challenges, opportunities and progress!

The following criteria must be met to become a Gazelle company:

• A net turnover exceeding SEK 10 million, according to the most recent annual report
• At least ten employees, according to the most recent annual report
• At least doubled its turnover, comparing the first and last financial year of the four-year investigation period
• Increased its turnover every year for the last three years
• A positive overall operating profit for the last four financial years
• Grown substantially organically, not through acquisitions or mergers
• Sound finances

Read more about the Gazelle Prize here.