Innobyte, one of Romania’s leading companies specializing in eCommerce services and solutions, fully owned by LIFE IS HARD, announces an impressive 24.89% increase in revenue for the first three months of 2024 compared to the same period last year, reaching RON 3,3 mln. The company also reported a significant 245% increase in net profit in Q1 2024

Highlights:

• Impressive Growth: Revenue of RON 3.3 mln, +24.89% compared to Q1 2023

• Net Profit: +245%, reaching 118,000 RON

• Team Expansion: 4 new professionals added

Innobyte Solutions closed the first quarter of 2024 with a 24.89% business growth compared to the same period in 2023, adding over RON 655,000 to its revenue. Profitability increased from RON 34,000 in Q1 2023 to RON 118,000 in Q1 2024.

Team Expansion and New Projects

The company expanded its team with four new professionals and sponsored several major eCommerce sector events in the first three months of the year. Innobyte also organized a series of private events to connect companies and experts in Romania's eCommerce industry, exceeding expectations. These initiatives are part of the medium and long-term strategy to enhance resilience and profitability launched in 2022.

“The positive results achieved in Q1 are even more remarkable given the increase in operational costs, particularly salaries, due to attracting new specialists and the impact of fiscal changes during this period. Both the Innobyte team and the LIFE IS HARD management are proud of these achievements, and we will continue to invest in new partnerships and consolidate existing ones in the coming period,” said Cătălin Șomfălean, CEO of Innobyte.

In the first quarter of 2024, Innobyte Solutions initiated new projects and continued developing existing ones. The company launched two online stores in partnership with clients from the pharmaceutical and tobacco sectors already in its portfolio. It also started a consultancy project with promising prospects and continued to develop current projects, especially on the Magento platform, achieving results that exceeded initial estimates.

In 2023, Innobyte honored its promises to LIFE IS HARD shareholders, reporting a substantial 30% increase in revenue, reaching RON 12.57 mln.

Future Strategies and Investments

For the upcoming period, Innobyte will focus on forming new partnerships and will continue to invest in projects aimed at consolidating its position as an eCommerce expert. Additionally, Innobyte will increase its visibility and expertise by participating in prestigious industry events. In this context, Innobyte will be a Gold partner at the VTEX Connect Europe event in Barcelona, which will contribute to consolidating current partnerships and provide access to a broader audience of potential clients. The company will also continue to strengthen its team by attracting new talents and expanding professional development programs for all employees.

About Innobyte

Innobyte serves as a strategic partner in the eCommerce field, providing high-quality execution and ongoing consultancy for medium and large businesses. Innobyte offers an extensive portfolio of services designed to support companies in implementing, launching, and evolving their eCommerce platforms, guaranteeing their success.

The company is a 100% Romanian business founded by entrepreneur Cătălin Șomfălean, who leads Innobyte alongside Cătălin Bordei, both serving as Managing Partners. Innobyte has recently joined the investment portfolio of LIFE IS HARD S.A., the first technology company listed on the Bucharest Stock Exchange's AeRo market.

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*This is a Press release.