Stockholm, Sweden, October 14, 2020 – Hoylu, a leader in visual collaboration solutions for distributed teams, today announced preliminary numbers for Q3, 2020.

The number of users increased by 11,000 in Q3 up 100% from Q2. Paid subscriptions increased by 2,000 in the quarter. Annual recurring revenues (ARR) including long-term service contracts were 24.0 million at the end of Q3, up 13% from 21.3 million at the end of Q2, 2020. Revenues in the third quarter were SEK 6.1 million compared to SEK 6.3 million in Q3, 2019.

“After we launched the new Hoylu online whiteboard platform Connected Workspaces™ in Q2 we have in Q3 started to convert active users to paid subscriptions. Our largest enterprise account now has more than 4,000 registered users with 2,000 paid subscribers.

Remote work, digital transformation, and the need for tools that are more intuitive and easy to use are factors driving the high demand for collaboration solutions. More and more customers are discovering the benefits of visual communication that go beyond videoconferencing and simple screen-sharing to ensure a more engaging, efficient, and productive decision-making process.

Hoylu’s unique offering is different from our competitors in several ways. Most importantly that we have taken the concept of the template to the next level by developing custom modules that support already existing methodologies and processes in large industries like construction, manufacturing and engineering. We have been evaluated by our customers against our direct competitors and we are confident that we have a strong product offering.

Several large construction companies have started to implement Hoylu’s newest module for pull planning, a technique that is widely used in construction planning and project management with the objective to reduce waste of time, materials and efforts.

A global leader in delivery services has started to use Hoylu’s new module for program increment (PI) planning, a methodology that is used to manage, coordinate, prioritize and align teams in large software development projects. We continue to strengthen our product offering, most recently with the launch of a templates library, voting and timer features and Okta integration for secure single sign-on as well as Hoylu for Mac availability in Apple’s App Store.

Revenues from sale of HoyluWalls, that used to be a significant part of our business was lower due to the Covid-19 situation and restricted activities in meeting rooms, but we now see increased activity also in this area, especially with our partner Technological Innovations Group (tig.eu).

We are optimistic for the future and expect significant growth in the coming quarters”, said Stein Revelsby, CEO at Hoylu.

The full report for Q3 will be released as previously announced on November 20, 2020.

For more information, please contact:
Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com
Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com

About Hoylu
Hoylu’s mission is to make remote work and information sharing easy. Through our customizable Connected Workspaces™ we deliver software solutions for companies, organizations and individuals across virtually all industries that enable all teams, big and small to work efficiently and securely in an intuitive and easy workflow. For more information: www.hoylu.com.

Ticker symbol: Hoylu
Marketplace: Nasdaq First North Growth Market
Certified Adviser: Mangold Fondkommission AB +46 (0) 8 50 301 550, ca@mangold.se

This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CEST on October 14, 2020.

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