E-conomic has been selected as a Gazelle company, a prestigious award for growth companies in Denmark, by leading Danish business newspaper Børsen.

The award is the result of a number of positive years for E-conomic with yearly growth rates around 30-50%. CEO Torben Frigaard Rasmussen is proud to be in the growth elite and sees the award as an indicator that E-conomic has made the right choices in terms of strategy and staff.

Continued growth

To receive a 'Gazelle' award, companies must have a positive growth in turnover or gross results for each of the previous four accounting years, as well as doubled its turnover or gross results during this period. The global recession and E-conomic's expansion into foreign markets make Torben Frigaard Rasmussen particularly proud to receive a 'Gazelle' award.

- Our growth continues, and the number of small and medium businesses using E-conomic will soon exceed 40,000. The strategy and focus on foreign markets is now beginning to pay off, which is why we expect even greater growth in the coming years. Part of this must be attributed to the hard work put in by the people in the company who have all delivered a huge effort to make it all happen, says Torben Frigaard Rasmussen.

100,000 customers by 2013

Today, E-conomic is one of the world's leading providers of 100% online accounting systems targeted at small and medium businesses. With great ambitions to go much further in Europe, and a target of reaching 100,000 customers by 2013, E-conomic employs an aggressive go-to-market strategy which involves keeping down costs until a foundation has been established.

- When we expand to new countries, like we are doing in e.g. Germany, Poland and Spain at the moment, we start out by hiring people in Denmark to drive the process. Once turnover has reached a sound level, we begin to implement a more cost-intensive strategy, which may include building an organization locally, says Torben Frigaard Rasmussen.

Digital benefits

E-conomic's products are 100% digital and have been so from the outset. As a consequence, E-conomic uses social media to communicate with customers and provide support and service. This is a very efficient model since social media are easily scalable, also in terms of foreign markets.

- Social media make it easy for our customers to get assistance in their own language, whenever they need it. So our business model is built around an online strategy that makes us very competitive in the market, says Torben Frigaard Rasmussen.

The E-conomic solution has been localized and adapted for use in nine countries – but is used in more than 50 countries world-wide. E-conomic's head office is located in Copenhagen, and the company currently has 80 employees.

Further information

Torben Frigaard Rasmussen, E-conomic CEO, +45 26 16 33 90