Profitable growth has made CheckWare a Gazelle company

Updated: Feb 24

After the breakthrough year of 2020, the use of CheckWare increased by more than 40 percent in 2021. The turnover doubled in the period between 2017 to 2020, and the company now has twice as many employees as in 2019. DagensNæringsliv, a Norwegian newspaper within business, economy, and society, selected CheckWare as one of last year's most successful Norwegian companies.

gaselle

2020 was definitely a breakthrough year for CheckWare. CheckWare entered into agreements with the last health regions, which cover 80 percent of the Norwegian Health Trusts. During the summer of 2021, the solution was used in mental health and substance abuse in all Norwegian health regions. At the same time, the customers started using CheckWare within several areas of somatic health, and the number of municipalities that uses CheckWare is growing.


- We have worked systematically and laid stone upon stone since the start in 2008, but really got things moving in the first pandemic year. We were particularly pleased with the implementation of the solution in 2021, which took place at record speed. We would never have been able to do that without skilled employees in all parts of the organisation, as well as knowledgeable customers that worked hard, says CEO Heidi Blengsli Aabel.


Responsible growth


CheckWare went from being a smaller SME enterprise with 27 employees in 2019, to 54 employees last year. The organisation currently consists of a team of 54 skilled engineers, designers, health personnel, sales and marketing personnel, and economists located in Norway, Sweden, and Poland.

Despite significant cost growth and large investments in product and market development, the company has managed to maintain profitability since 2016. One of the main criteria for being named a Gazelle company by Dagens Næringsliv is that the selected company has had a positive operating result in all the last four years of operation.

- Our three equal goals are satisfied colleagues, satisfied customers, and profitable growth. We are convinced that being consistent and systematic in these three fields has made us successful, says Aabel.


Ambitious goals


From 2017, CheckWare’s turnover has doubled, from NOK 19.4 million in 2017, to NOK 39.7 million in 2020. There are certain criteria that must be met to become a Gazelle company. One of them is that the companies must have submitted approved accounts, as well as doubled the turnover over a period of four years.

The growth continued in 2021, and into 2022. The vision is for patients worldwide to receive better and more effective help through digital patient participation.

- In 2021, we established CheckWare in Sweden, and the first health region has already acquired our solution. Now we are ready for what really matters: Continue to be a supporter for customers all over the world so that they can offer as many patients as possible to participate digitally in their own treatment, as quickly as possible, says Aabel.

Digital explosion


There is no doubt that CheckWare has had luck in their timing. The pandemic has put digitalisation at the top of the agenda in many sectors and accelerated the implementation process in most companies. This also applies to health technology.


- A safe and stable product, as well as dedicated and skilled colleagues in CheckWare, made it possible to succeed with an ambitious plan to introduce new digital health technology within nine months in three Norwegian health regions. Digital maturity, anchoring in top management and skilled customers were also crucial. One would think that keeping up at this pace would be impossible, Aabel says.

The use of the solution increased by more than 40 percent in 2021 and has so far been used by more than 420,000 Norwegian patients in both mental health and somatic disease areas. Six million digital measures have been registered, and the company is in a strong position for international growth and expansion.

- It requires a team with dedication to their customers and colleagues, reliability, and continuous innovation through close collaboration. We started a process named "CheckWare as a team" in 2018, and we will, without a doubt, continue with this process. All employees agree that the company will become an international market leader, she says.

Dagens Næringsliv has listed the Norway's most successful companies since 2003. "Gazelle Company of the Year" is an award given by Dagens Næringsliv in collaboration with Dun & Bradstreet, a leading global provider of decision data and business analysis. Dagens Næringsliv selects Gazelle winners from Gazelle companies in all of Norway's counties. The county winners also compete for the award «Gazelle Company of the Year» or «Gazelle of the Year».

Requirements for the company:

* Four years or longer since the company was established as a limited company

* Turnover of more than one million NOK the first year

* Delivered approved accounts annually

* The company must have had a turnover growth in all the last four years, and that the turnover must have doubled or more in the same period

* The company must have had positive operating results the four previous years.



gaselle