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Keylane announces solid growth in Fiscal year 2019

KEYLANE April 21, 2020

Keylane announced solid growth in their fiscal year 2019 results today. 2019 showed revenue as well as EBITDA growth and key new customer wins on Keylane’s SaaS platforms, Axon for Non-Life insurers and Plexus for Life & Pension insurers.

Ralf Timmer, CEO Keylane, commented, “I am proud of our progress and the value we are adding to our customers. We invest in our people, our brand, and our mission and vision and together we focus on our organic business growth ambitions. We continue to expand our presence in the Nordics and Germany as well as in our home markets. We are collaborating closely with our customers to ensure we enable their business and technology transformations. We remain dedicated on servicing the needs of our customers in current times (during the Covid-19 outbreak) with continuous delivery while working on our strategic goals.”

Financial Highlights

  • Keylane reports a revenue of EUR 92.5 million, a 7% growth compared to 2018
  • Keylane recurring SaaS revenue grew by 9%
  • Normalised EBITDA shows a 37,3% year on year growth to EUR 20.6 million
  • Keylane employees grew to 696

Stephen Dews, CFO Keylane, added, “Keylane’s financial performance continues to grow as demonstrated with revenue, EBITDA and employee figures. 2019 was a good year in terms of achieving objectives set out including increasing SaaS revenues towards Keylane’s vision to become the leading SaaS provider. Most of the one-off items, such as restructuring of Geneva ID / full integration of previously acquired companies are now largely completed.”

Business Highlights

At Keylane, we are significantly investing in research and development of our two core software platforms; Axon and Plexus to support the growing needs of the industry in our target regions.

In 2019 Industry Analyst Reports, Keylane holds a strong position in Celent’s ABCD Vendor View Report. Keylane is featured as a challenger and a visionary in Gartner Magic Quadrants for 2019 for Axon and Plexus respectively; and in the top 5 of all critical capabilities for Life Insurance Policy Administration Systems.

We support the FinTech community and have launched a new 360 degrees financial advisory platform and services for the Financial community. We are also expanding our eco-system of partners to add further value to our customers in growing and supporting their businesses.

Significant customer success in 2019 included:

  • New customer go-lives on the Axon Non-Life platform in Norway in April and at a second Norwegian customer in November
  • The largest Plexus platform go-live ever for a large Pension insurer in Denmark in March
  • Completing a large life insurance closed book consolidation program, consolidating 9 life insurance back office systems into Axon, for a Dutch insurer in November
  • New Axon Non-Life sales in Germany and the Netherlands
  • The first new Plexus Life & Pension sales in the Netherlands

For more information contact or get in touch with one of our local offices.

COVID-19 Outbreak

During the production of the 2019 annual accounts, the Global economy has been affected by the Corona Virus (COVID-19) outbreak.

It is expected that COVID-19 may have some impact on Keylane’s business performance. The magnitude of this impact in relation to expected future performance, effects on future asset valuation or the entity’s activities in general is, at the time of this announcement, not ascertainable due to the ongoing crisis. Early assessments indicate that at Keylane we are providing business continuity and strong performance in delivering SaaS and services to our clients.