Enterprise Estonia

Brief summary:
Ektaco AS develops fifth generation POS system based on novel technology, and develops and launches the new work time management solution. The products are distributed in Estonia and on a number of foreign markets. The goal is to boost sales on said foreign markets and enter two or more new markets. The company’s internal processes are further developed and new methods are introduced as part of the project.

Main goals of the second phase of the development programme:
1. Develop and achieve marketability of the fifth generation of the CompuCash POS system that has been Ektaco’s core product.
2. Develop the CompuAccess work time management system – Ektaco’s new major product – into a scalable solution that can be supplied to manufacturing businesses. Achieve substantial growth in the sales of CompuCash on foreign markets. Update Ektaco’s growth strategy by introducing even bigger growth ambitions and an operational programme for the next period. Constantly grow Ektaco’s revenue and earnings.

Expected results as at the end of 2020:
1. Ektaco’s fifth generation POS system has a total of 500 users in Estonia.
2. Ektaco’s work time management system is used by a total of 3,000 employees across the Estonian manufacturing industry.
3. Ektaco’s POS system is used at a total of 200 points of sale on foreign markets.
4. Ektaco’s growth strategy for 2020-2022, including the operational programme and financing plan, have been approved
5. Ektaco’s revenue in 2020 amounts to EUR 3.5 million and the profit margin is 12%.

The total cost of project is EUR 463,900 and the aid intensity is in line with the rates applicable to small businesses.

Brief summary:

The primary objective of project activities is to develop Ektaco’s proprietary products and launch the next generation of the CompuCash POS system which is modern, competitive and offers valuable benefits, and the web application for work time management that is part of the CompuAccess access control system. Develop product ranges with higher added value, bespoke support services and self-service solutions for corporate customers in target sectors. Innovative products should allow the company to double its revenue and added value per employee. The work of the IT development team should be streamlined by means of employing novel development tools, more effective testing capabilities, and consistent monitoring of management processes. By making use of various marketing measures and channels, sales processes and best business models we should achieve synergy that allows us to enhance our competitiveness and boost our revenue on the existing markets as well as our new export markets.  We look to add at least one more market where our partner has already managed to introduce our products and make the first sales.

Goals and outcomes of the project:

Launch the next generation of the CompuCash POS system taht is modern and boasts competitive advantages, and achieve revenue and exports growth as outlined in the strategy.
Streamline the sales process, develop a self-service environment.
Promote the trademarks Ektaco and CompuCash on the domestic market.
Improve sales by partners in export countries with the help of marketing measures and a complete range of support services.
Add at least one new market to our existing export markets and set up an organisation that ensures regular sales and user support on said market.
Launch the competitive web-based work time management system CompuAccess.
Develop our organisation, our human resources and our marketing processes.
The total cost of project is EUR 682,500 and the aid intensity is in line with the rates applicable to small businesses.