Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Swedish software group Fortnox has restated key market share figures after the Financial Times challenged numbers it presented to investors at a capital markets day in May.Chief financial officer Roger Hartelius told the FT his company\u2019s use of numbers that understated its dominance of Sweden\u2019s accounting software market this year, and at a similar event in 2021, was \u201ca mistake\u201d.\u00a0A listed company founded two decades ago, Fortnox portrays itself as a start-up, while its $3.7bn market capitalisation reflects the fact that it is viewed as one of the world\u2019s fastest growing technology companies despite operating in only one country.\u00a0In the original presentation published 23 May, Fortnox reported the growth in the number of accounting firms it counts as customers since 2021, accompanied by figures for its market share among small, medium and large sized firms.\u00a0It has now clarified that the market share figures were for a specific product, Digital Agency, used by only around half its accounting firm customers, and that in fact 80 per cent of accountancy firms with five or more employees already use Fortnox.\u00a0Asked if Fortnox had misled investors about its growth prospects, Hartelius denied the presentation was \u201cbuilt from evil thoughts\u201d and said it reflected how the company set its goals internally.Its share of small accounting firms, those with zero to four employees, has been updated to 35 per cent, versus the previously disclosed 18 per cent figure that it now says represent Digital Agency customers only.By Wednesday evening, Fortnox had not updated the January 2021 capital markets presentation on its website and Hartelius declined to disclose further historic market share figures to the FT.\u00a0\u201cWe are really hoping there is no more information lacking as in this case,\u201d he said, adding: \u201cwe are trying to be more\u2009.\u2009.\u2009.\u2009transparent.\u201dFortnox\u2019s clarifications were made after the FT asked it to reconcile its figures on the accountancy market with those published by Sweden\u2019s statistics agency. While the company\u2019s updated market share numbers now add up in line with the agency\u2019s figures, a discrepancy remains because Fortnox\u2019s numbers are based on their larger estimate of the total number of audit and accountancy firms in Sweden: 28,000, versus the 25,000 counted by Statistics Sweden in 2023.Hartelius said he was unable to provide additional data to clarify the picture by a Wednesday deadline because he was busy after the announcement that Fortnox\u2019s chief operating officer had stepped down. After the FT published an article in March examining Fortnox\u2019s metronomic growth and highlighting investor questions about its prospects and accounting methods, the company\u2019s share price fell almost 15 per cent, wiping hundreds of millions of dollars off its then $4.6bn market capitalisation.\u00a0In response to questions about the FT analysis on a results call in April, chief executive Tommy Eklund said \u201cwe will become better and better at explaining the business, if it\u2019s something that is hard to understand, of course\u201d.Departing COO Johan Lundgren said \u201cit has been an exciting and educational journey working at Fortnox\u201d, in a company press release on Wednesday, adding: \u201cI wish everyone the best of luck.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Swedish software group Fortnox has restated key market share figures after the Financial Times challenged numbers it presented to investors at a capital markets day in<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-132385","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/132385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=132385"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/132385\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=132385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=132385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=132385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}