To our shareholders, employees, and other stakeholders.
With the new year approaching, I want to give an update and a look ahead to 2024.
Beginning in 2021-22, we started a substantial expansion to globalize the business and become an actor in the international market. With the help of our shareholders, we have been given the resources to more than double the staff and spend significant resources on product development and purchasing IT. Our growth investments are starting to pay off. Turnover has more than doubled by 2023. We will still show red numbers for the year, all according to plan.
We will prioritize expansion and growth before profit, especially in 2024, when the goal is to increase turnover by at least another 50 percent. During the year, we launched the "store brain" (AI optimization of the flow in stores). The store brain has contributed significant revenue during the year, but it contributes much more than that. The store brain is an example of how to develop new products and customer-specific solutions with a Cosmoz customer. Customers appreciate Cosmoz and the improvement and cost savings financial automation contributes to the company's administration. Still, the store brain takes the customer relationship to a whole new level, as it tangibly helps the customer refine their business model with immediate effect on the "bottom line." The customer appreciates that! The only way to stand out is to make yourself indispensable to the customer. The store brain is an example of that.
We are actively working with our target list of around ten potential clients. As widely known, we have reached a successful completion with the Mexican mega-company Telcel, and we are in progressive talks with several companies from the same list. However, one must be humble and realize that it takes time to reach an agreement. This is normal as Cosmoz is not an off-the-shelf product. Understanding and implementing Cosmoz places high demands on the customer, who must allocate time and resources and learn a new way of thinking. That takes time. And it must take time. Insufficient time allocated to the sales process and implementation will inevitably result in issues and delays in invoicing for us. Despite the ever-accelerating development of IT, the customer relationship is essential in our business, and we care about it. A good customer relationship allows building new products together with the customer, such as the store brain.
We look forward to 2024 with a continued focus on growth and innovation. Listing on Nasdaq First North before the summer is a priority. The Gothenburg company Pagero AB is about to be bought out of the stock market for SEK 5.7 billion, a price tag that indicates the market's great interest in financial automation. We thus look set to become the only purely financial automation company at First North. It will be our job to make sure that no one misses Pagero!
Thank you for your continued support and commitment to Neovici.
We at Neovici wish you all a Happy New Year!
CEO Neovici Holding AB