Star Storage announces a 19% increase in revenues in 2022 and the takeover of the shares held by EEAF

Deniza Cristian 11/04/2023 | 14:45

Star Storage, a global technology provider with a rich 22-year history of delivering cutting-edge digital business solutions and cloud services to leading public and private organizations, proudly announces a remarkable 19% increase in revenue for 2022 compared to the previous financial year, soaring from 8 million euros to an impressive 9.6 million euros.

 

In addition, the company achieved a net profit of 650,000 euros in 2022.

“After navigating through a challenging period marked by the pandemic-induced restrictions, which impacted our international expansion plans and had a direct effect on our results, we enter 2023 with great confidence,” shared Cătălin Păunescu, CEO of Star Storage. “The financial achievements of the past year are truly remarkable, especially considering the adverse circumstances. In the second half of the year, we observed an improved dynamism in our international segment, which directly translated to resumed growth and improved profitability.”

Furthermore, in December, Cătălin Păunescu, the founder and CEO of the company, successfully reached a definitive agreement with the Emerging Europe Accession Fund (EEAF), the majority shareholder of Star Storage SA, to fully acquire the shares held by EEAF, consequently becoming the sole shareholder of Star Storage.

In 2023, Star Storage is determined to focus on growth, with a particular emphasis on expanding into international markets and fostering partnerships. The company aims to exceed 25% of its turnover from the international segment by the end of 2023, with revenues predominantly stemming from the sales of its proprietary software platforms, including SEAL – a cutting-edge software platform built on metadata and artificial intelligence (AI), leveraging a low-code approach to ensure efficiency, compliance, and automation of unstructured content.

In light of the pandemic context and the increasing prevalence of remote work in recent years, delivering exceptional customer service has become a paramount challenge for many companies. In this regard, Star Storage is resolutely committed to strengthening its position as a market leader by consistently investing in enhancing customer satisfaction as an indispensable pillar of its growth strategy.

“In 2023, our goal is to enhance our position both locally and globally and reignite our growth momentum after a challenging period due to the pandemic. To achieve this objective, bolstering our team is imperative. Lastly, after navigating through a period riddled with challenges, our company culture is pivotal – a culture of performance, innovation, and customer-centricity, the values that have always defined us,” stated Cătălin Păunescu, CEO of Star Storage.

As of the end of 2022, Star Storage boasted a total of 170 employees.

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