Star Storage announces a 19% increase in revenues in 2022 and the takeover of the shares held by EEAF by the company’s founder and CEO, Cătălin Păunescu

Star Storage, a global technology provider with a 22-year history of providing digital business solutions and cloud services to leading public and private organizations, announces a 19% increase in revenue in 2022 compared to the previous financial year of to 8 million euros to 9.6 million euros. At the same time, the company recorded a net profit of 650,000 euros in 2022.

“After a difficult period in which, due to the restrictions caused by the pandemic, we had to postpone international expansion plans, which had a direct impact on the company’s results, we entered 2023 very confident. The financial results recorded last year were remarkable considering the particularly difficult period, in the second half of the year an improved dynamic of the international segment was observed, with a direct impact in resuming growth and improving profitability,” said Cătălin Păunescu, Star CEO Storage.

Also, at the end of December, Cătălin Păunescu, founder and CEO of the company, reached a definitive agreement with the Emerging Europe Accession Fund (EEAF), the majority shareholder of Star Storage SA, to fully take over the shares held by EEAF, thus becoming a shareholder unique to Star Storage.

In 2023, Star Storage will focus on growth, with a particular focus on expanding into international markets and growing through partnerships. The company aims that, by the end of 2023, the contribution of the international segment will exceed 25% of the turnover, revenues associated in particular with the sales of the company’s own software platforms such as SEAL – a next-generation software platform with an architecture based on metadata and artificial intelligence (AI) and a low-code approach, a solution for ensuring efficiency, compliance and automation of unstructured content.

Also, given the context of the pandemic and remote work in recent years, the quality of customer service has become a major challenge for many companies. In this sense, Star Storage is committed to strengthening its position as a market leader by systematically investing in increasing customer satisfaction as an essential component of its development strategy.

“In 2023, we aim to improve our position both on the local and global market and to resume our growth dynamics after a difficult period due to the pandemic. To achieve this goal, strengthening the team is essential. Last but not least, after a time full of challenges, the company culture is essential, a culture of performance and a job well done, based on innovation and respect for customers, the values that have always defined us.” said Cătălin Păunescu, CEO of Star Storage.

Star Storage ended 2022 with a total of 170 employees.

Established in 2000, with a portfolio of more than 500 customers on 4 continents, Star Storage is a global technology provider that develops and delivers, using artificial intelligence and a low-code approach, solutions for digitalization and automation of processes, efficient management of unstructured content and ensuring compliance with legal regulations for leading private and public organizations. With a portfolio of proprietary software platforms (owning intellectual property) and solid expertise in leading industries such as banking, insurance, utilities, telecommunications, retail and consumer goods, manufacturing, automotive and aerospace, healthcare and public sector, the company plays a key role in the digital transformation, hyper-automation and cloud migration of organizations of all sizes.

[photo credit: Star Storage]