Hybrid Software reports bumper results

Rottenborn: "A remarkable year for Hybrid Software Group"
Rottenborn: "A remarkable year for Hybrid Software Group"

Hybrid Software Group said it is on track to achieve its target of €100m (£84m) revenue and €35m EBITDA in 2026 after more than doubling its turnover last year.

2021 was described as “a remarkable year for Hybrid Software Group” by CEO Mike Rottenborn. Formerly named Global Graphics, it acquired Hybrid Software in early 2021, and in October it changed its name to Hybrid Software Group to better reflect the nature of its business.

Shortly afterwards the group then acquired Germany’s ColorLogic, which specialises in colour profiling and conversion software, to boost its capabilities in ‘beyond CMYK’ applications.

In its results for the financial year ended 31 December 2021, the company recorded revenue of €48.6m, up from €22.5m in 2020. Its pre-tax profit was €4.57m, up from €1.69m in 2020, and its EBITDA for continuing operations was €12.2m, up from €4.7m in 2020.

“Despite the shadow of the lingering Covid-19 pandemic, we were able to successfully conclude two major acquisitions, rebrand the group to reflect our focus on software for inkjet manufacturing, re-energise the core RIP business of Global Graphics Software, and more than double our revenue from 2020 largely due to the acquisition of Hybrid Software, while increasing our EBITDA to 25% and our cash position to more than €9m,” said Rottenborn.

“Our 275+ global employees are dedicated to the success of our customers through expert technical support and non-stop innovation. With another acquisition already under our belt in 2022, I look forward to the continued growth and success of Hybrid Software Group and all our customers worldwide.”

Revenue for the group’s Printing Software segment, which included sales by ColorLogic from November 2021, totalled €13.8m for the year, up from €12.7m in 2020. Revenue for the Printhead Solutions segment was €14m in 2021, up from €9.8m in 2020.

Finally, revenue for the Enterprise Software segment, a new segment in the year as a result of the acquisition of Hybrid Software in January 2021, was €20.7m for the year.

Last month Hybrid Software Group acquired the business and assets related to iC3D from Creative Edge Software.