A
Admicom
👤 Matti Häll (Häll sold his first ERP, Liinos, to Visma in 2002 for 4.5M euros of stock, then restarted at 56 and rebuilt it as cloud.)🌐 site
He sold his ERP to Visma in 2002, then spent twenty years rebuilding it as cloud software for Finland's builders.
Will it work? · our read
Boringly profitable. It compounds at 6%, not 60%. Twenty years inside one small country's building trade bought 96% recurring revenue, a 32.5% margin, and a dividend.
01How the money moves
A Finnish plumbing or electrical firm signs up for Ultima
→
Site hours, purchases, invoices and payroll run through one system
→
Monthly SaaS fee, plus Admicom's own accounting service
02The numbers
€37.7M (about $43M)Filed2025 revenue, Nasdaq filed
2025-12-31source:
EUR 37.7 million (FY2025)
Euro figures converted at about 1.13 USD per euro, the rough 2025 average. The source reports euros. FY25 release
Up 6.1% year on year; 96% of it recurring.
🔒
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- The founder's key move, and the counter-move
- How it could die — the evidence, and how sure we are
- The case against our own call
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Admicom Oyj financial statements release 2025 (Nasdaq) — revenue EUR 37.7 million, ARR EUR 37.8 million, recurring revenue EUR 36.2 million, adjusted EBITDA 32.5%, 310 employees, dividend EUR 0.32 per share.Admicom annual report 2025 (company PDF).Admicom, About us — more than 300 professionals, six locations in Finland and one in Estonia.Yle, 14 Sep 2010 — the Helsinki Court of Appeal upheld Häll's seven-month suspended sentence for aggravated misuse of insider information around the 2002 Liinos sale.Matti Häll (Finnish Wikipedia) — founded Liinos 1988, sold the majority to Visma in 2002 for 4.5M euros of Visma shares, founded Admicom 2004, CEO to 2016.
FILED: the EUR 37.7 million is the 2025 figure in Admicom Oyj's own financial statements release, published through the Nasdaq Helsinki news service. I opened that release with a plain code fetch and matched the string 'Revenue increased by 6.1% and was EUR 37.7 million (35.6)' in the raw bytes, along with ARR EUR 37.8 million, recurring revenue EUR 36.2 million, adjusted EBITDA 32.5% and 310 employees. Currency: the source reports euros only. Dollar figures on this card are my conversion at about 1.13 USD per euro, the rough 2025 average, and are marked 'about'. Period: all figures are full-year 2025, not quarterly. The 96% recurring share is my arithmetic (36.2 divided by 37.7), not a company statement. Rival revenue anchors for SmartCraft (NOK 559 million) and Lemonsoft (EUR 29.5 million) came from their 2025 results coverage rather than pages I opened byte-for-byte, so treat them as scale anchors, not audited comparisons; rival bar weights are our read of reach, not revenue. I could not find a first-party current customer count, so none is claimed. Drama, documented: founder Matti Häll was convicted in 2008 and lost his appeal in 2010 over aggravated misuse of insider information in trades around the 2002 sale of his earlier company Liinos to Visma (Yle). That case concerns Liinos, not Admicom, and no wrongdoing at Admicom is alleged. Beyond that, Admicom won on patience and focus, not conflict. Founder links are limited to the company site: two different LinkedIn profiles surfaced under his name and I could not confirm which is his, so neither is listed. We never score you.