Upgraded continues its strong growth journey and breaks a new sales record in October with sales exceeding 185 million SEK. Compared to the corresponding month in 2023, this represents growth of a whopping 51.6%.

Upgraded continues to go against the flow and begins the fourth quarter of the year with a very strong month. We break a new sales record for a single month where we reach 185 million sek and at the same time upgrade the forecast for the full year to a sales of 1.7 billion from the previous 1.5 billion sek. In 2023, Upgraded’s sales for the full year were just under 1.1 billion (1062 million sek).

We continue to strengthen our existing customer relationships while gaining new trust from both the public and private markets. Looking at the private market, it continues to perform strongly even though we still see that there is a recovery taking place, mainly in the construction sector. We have a great advantage of our national distribution, which means that we have spread our risks both by having a large variety of customers but also having a geographical distribution that allows us to capture needs and trends throughout the country. Within the public sector, we continue to be strengthened with increased trust from government agencies, municipalities and regions. In addition to gaining new market share, we are also seeing cautious optimism within public administration, which has been hard hit by rampant inflation and tight budgets over the past two years. We are also seeing the effects of an increasingly strong brand in the fact that the proportion of spontaneous inquiries is continuously increasing, a clear trend over the past year.

We are pleased to see that our forays into Norway and Denmark are starting to yield results. During October, the inflow of business opportunities in these markets has increased significantly, not least in Denmark, where the weak Swedish currency also creates exciting opportunities for Swedish consultants in remote assignments.

Overall, Upgraded’s position in the market continues to strengthen and we have high ambitions for the future. I would like to express my gratitude to all our fantastic employees, customers and partners who make this growth journey possible. I look forward with great confidence to the end of 2024 and the start of 2025, says Birgitta Hedegård, CEO of Upgraded People AB.

About Upgraded

Upgraded offers the market tailor-made solutions to meet the unique needs and wishes of its clients, we have a focus on services that lead the digital transformation forward to sleeplessly take on the challenges and opportunities of the future. Upgraded’s clients are found in both the public and private sectors with resource deliveries in Sweden, Norway and Denmark with over 1000 consultants on assignment. We provide the right resource at the right time to enable our clients’ goals and visions for the benefit of the individual, organizations and society. We have a focus on services that lead the digital transformation to sleeplessly take on the challenges and opportunities of the future.

For more information:

CEO, Birgitta Hedegård

birgitta.hedegard@upgraded.se

As 2024 draws to a close, we at Upgraded take this opportunity to reflect on the year’s most significant events. And what a year we’ve had!

Upgraded continues its exceptional growth journey
2024 has been a record year for Upgraded People AB. With full-year sales exceeding SEK 1.7 billion, compared to SEK 1.06 billion the previous year, the company has cemented its position as one of Sweden’s fastest growing B2B players. During the first nine months of the year, sales have grown by an impressive 72.5%. We have broken new sales records month after month and in October we reached a whopping SEK 185 million – the highest monthly sales in the company’s history.

Strengthened market positions and new business
During the year, we have continued to expand both in the private and public sectors. Developments have been particularly prominent in segments such as banking, finance, insurance, energy and the automotive industry. At the same time, we have strengthened our position in the public sector through new collaborations with government agencies, municipalities and regions. Among our new customers, we can proudly count the municipalities of Landskrona and Eslöv, the Swedish Post and Telecom Agency (PTS) and Södertörn.

In the technology area, AI, Business Intelligence and IT security have seen the strongest growth in inquiry volumes. In addition, demand for Swedish consultants has increased in the international market, especially in Germany and Denmark, where the weak Swedish krona has created competitive advantages.

A successful year for procurement and awards
In 2024, we have won several significant procurements, including a framework agreement with the Swedish Post and Telecom Agency (PTS) worth an estimated SEK 150 million and a four-year framework agreement with Almi AB with a ceiling volume of SEK 400 million. These successes have contributed to increased business volume, which in the first quarter rose by 80% compared to the same period in 2023. This is a clear indication of the market’s increased confidence in Upgraded.

Awards and recognitions
In 2024, we were, for the second year in a row, designated a Gazelle company, a feat that less than 1% of Swedish limited companies achieve. We also ranked 74th in the Upsales Revenue Journal Ranking, a list of Sweden’s fastest growing B2B companies with sales over 100 million SEK. This is a clear recognition of our ability to combine growth with long-term sustainability.

A year of community involvement
In addition to business successes, 2024 has been a year in which we have deepened our social commitment. A sustainable society and positive value creation through the services and solutions we deliver are important to us. We have actively participated in initiatives that are close to our hearts, including:

• The Pink Ribbon Health Challenge, where we helped raise awareness about the Swedish Cancer Society’s important work while inspiring each other to increase everyday exercise and raising money for breast cancer research.
• The Mustache Fight, where we focused on men’s mental and physical health and helped raise awareness and spread knowledge about prostate cancer.
• Music Help, where this year’s theme “Everyone has the right to survive their pregnancy” inspired us to raise money and spread awareness about this important issue.

It is through initiatives like these that we want to give back to society and show that our work goes beyond business. We are constantly trying to find new opportunities where we can make as big a difference as possible.

A big thank you for the past year
Behind our success are our fantastic employees, customers and partners whose commitment and trust are the foundation for our success and continued growth.

“I am incredibly proud of what we have achieved together and look forward with great confidence and anticipation to what 2025 will bring. Thank you for a fantastic year! Together we are building an even stronger future.”

– Birgitta Hedegård, CEO, Upgraded People AB

2024 will go down in history as a challenging year characterized by great uncertainty and unpredictable markets, driven by higher interest rates, inflation and ongoing geopolitical conflicts. The tougher market situation persists and even though we see signs of recovery, it is too early to say that we have reached the bottom of the recession. Despite these challenges, the importance of innovation and new technology in society is increasing and both companies and authorities have a great need to drive their digital transformation even in a weaker economy. This means that the need for competence for the transition to a sustainable society through digitalization remains great.

-We have seen the market conditions as an opportunity for qualitative growth and have intensified sales work and had an increased focus on customer dialogue during the year. We have worked intensively to diversify our service offering, strengthen collaborations and improve the customer experience. Proactivity in customer dialogues combined with a focus on constantly optimizing and streamlining the organization has been crucial to Upgraded’s success and strong growth during the year, says Birgitta Hedegård, CEO of Upgraded People AB.

Despite the challenging business climate, 2024 has been a record year for Upgraded People AB. For 2024, sales amount to just over SEK 1.73 billion compared to SEK 1.06 billion in 2023, which corresponds to organic growth of approximately 63%. Looking at the last three years, sales growth is 246%.

-Going against the flow and being able to present such strong growth in a weak market feels fantastic and shows stability and competitiveness as well as the competence and driving force that exists in the organization, says Birgitta Hedegård, CEO of Upgraded People AB.

During the year, we have won several exciting procurements and been awarded many new assignments in both the public and private sectors. Among our new customers, we can proudly count ALMI, Landskrona and Eslöv municipalities, the Swedish Post and Telecom Agency (PTS) and Södertörn.

Looking at the private sector, it is primarily in the banking, finance and insurance segments; energy and the automotive industry that there is the most activity. In the public sector, we continue to be strengthened with increased trust from government agencies, municipalities and regions.

Important events during the year:

• Several new strategic framework agreements signed in both the public and private sectors.
• Internationalization as Upgraded establishes itself outside Sweden’s borders through its entry into Norway and Denmark.
• Ranked number 74 in Upsales Revenue Journal Ranking of Sweden’s fastest growing B2B companies.
• The growth journey is recognized by Dagens Industri by awarding DI Gasell for the second year in a row

As one of the leading consulting brokers in Sweden, Upgraded is well positioned to continue growing and taking market share when the market turns around.

“We have a strong position in the market. The year has given us several new assignments and we continue to strengthen our position in banking, finance, public sector and automotive. Furthermore, we are aiming for a turnover exceeding 2 billion in 2025. I am incredibly proud of what we have achieved together in 2024, which was, after all, the best year in Upgraded’s 15-year history. I look forward with great confidence and anticipation to everything the future has to offer and we will always emerge stronger from a tougher market.”

Birgitta Hedegård

CEO Upgraded People AB

About Upgraded

Upgraded offers the market tailor-made solutions to meet the unique needs and wishes of its clients, we have a focus on services that lead the digital transformation forward to sleeplessly take on the challenges and opportunities of the future. Upgraded’s clients are found in both the public and private sectors with resource deliveries in Sweden, Norway and Denmark with over 1000 consultants on assignment. The turnover for 2024 amounted to just over 1.73 billion sek.

Rapid changes in the labor market are leading to a skills shortage. In Sweden, 76% of companies have difficulty finding people with the right skills, which is almost double the number from ten years ago. This is shown by ManpowerGroup’s 2025 skills shortage survey, Talent Shortage, which is based on interviews with more than 40,000 employers in 42 countries. The greatest shortage is in IT skills, with one in four employers having difficulty recruiting IT skills.

To attract talent, Swedish employers primarily use flexible working hours and higher salaries. Globally, however, it is most common to offer skills development and retraining.

ManpowerGroup CEO Per Johansson says the following in a comment:

– The skills shortage in the Swedish labor market is high, cross-industry and persistent. To counteract the problem, employers should review their methods. When it is difficult to recruit the skills needed, companies can work on several fronts, including developing the skills of existing employees.

Top list of skills shortages in Sweden 2025:

1. IT & Data, 26 %
2. Engineers, 17 %
3. Operations & logistics, 17 %
4. Sales & Marketing, 16 %
5. HR, 14 %

The skills shortage distributed across different industries:

The largest skills shortages are in the health, medical care and life science industries (84%), energy and community services and the IT industry (83%). However, all industries have a skills shortage of at least 60%.

The global skills shortage

Globally, the skills shortage is 74%. This figure has remained essentially constant over the past four years. Germany is the country worst affected, with 86% of companies reporting difficulty finding the right skills.

The countries with the biggest skills shortages in 2025:

• Germany, 86%
• Israel, 85%
• Portugal, 84%

Source: Three out of four Swedish companies still suffer from a skills shortage

Research and advisory firm Gartner estimates in its latest forecast that global IT spending will increase by 9.8% in 2025 compared to 2024, reaching a staggering $5.61 trillion (S$61.5 trillion).

Generative AI is having an impact on IT spending, and as a result of the AI ​​revolution, companies are estimated to spend 23.2% more on data center systems. Despite this increase, the segment represents the smallest spending item.

The distribution by expense item according to Gartner’s forecast:

Gartner Forecasts Worldwide IT Spending to Grow 9.3% in 2025

At Upgraded, we always put our clients, consultants and partners at the center. By building strong relationships and working closely with both clients, consulting companies and freelancers, we ensure that the right skills are matched with the right assignments.

One of our partners in this work is Brainville, which, in addition to our own portal and website, is another window into finding the right consultant for our assignment requests. We apply a 360-degree view of the market to always find the right consultant for our requests and through strong collaborations we optimize these conditions. Last year, we placed third in Brainville’s prestigious category “Largest Assignment Volume 2024”, which, in addition to our organic revenue growth of 70%, is further proof of how well we position ourselves and create value in today’s market.

Birgitta Hedegård, CEO of Upgraded, emphasizes the importance of our relationships and collaborations:
“At Upgraded, it’s all about people. We are convinced that long-term relationships and strong collaborations are the key to success – both for us and for our consultants and clients. Our partnership with Brainville means another tentacle out into the market to find the right consultant for the right assignment”

Brainville’s CEO, Manuel de Verdier, also looks positively at the future and the development of the consulting market:
“In 2024, there were challenges, but also bright spots and signs that point to better times for consultants. We see an increased need for specialized expertise, and through collaborations with players like Upgraded, we can create even better opportunities for both freelancers and companies.”

At Upgraded, we always ensure that our contacts – both clients, consultants and partners – receive the support and help they need to succeed. We cherish our relationships and are determined to continue to be a safe and reliable player in the market. With strong partnerships, the right networks and a passion for creating opportunities, we look forward to an even brighter future for our consultants and clients.