Norwegian tech success achieves record results – secures major international contract and leads the way with explainable AI in Invoice Management

Torhill Falnes, CEO of Eye-share, gives a thumbs up following a record-breaking 2024. With a new major international contract and an increased focus on explainable artificial intelligence, she is leading the Stavanger-based software company into a new phase of growth (Photo: Flare/Eye-share).

Record results for Eye-share in 2024

Eye-share AS has delivered their best-ever financial results, with a turnover of NOK 220.7 million in 2024 – up from NOK 202 million the previous year. Post-tax profit increased to NOK 51.2 million. With over 50 per cent of new customers coming from abroad and a major contract secured with Germany’s Oldendorff, the company is now aiming for international leadership in automated invoice management powered by explainable artificial intelligence (XAI). 

"We have delivered solid results for eight consecutive years, and in 2024, we reached a major milestone: we exceeded our revenue target by a good margin, and our Singapore office achieved profitability after just two years in operation. We are now accelerating our international expansion with a solution that delivers both control and trust," says Torhill Falnes, CEO of Eye-share. 

"With Tietoevry as a strong and ambitious owner, we are strengthening our investments in product development, sales, and marketing. We are a Norwegian tech success story from Stavanger, but our strategy is clear: we aim to become an international market leader within our segment," says Falnes. 

International growth - securing a major shipping client

Eye-share now generates approximately 25% of their revenue from international customers and has strengthened their position within the maritime, shipping, and energy sectors. Among the most notable new customers in 2024 is Oldendorff – the world’s largest dry bulk shipping company, headquartered in Germany. 
 
Oldendorff has built a global reputation for efficiency, sustainability, and technological innovation, staying ahead in a highly competitive shipping industry. By choosing Eye-share’s invoice management solution, the company is reinforcing their focus on continuous improvement. Automation will help increase efficiency and reduce manual work, enabling their finance teams to focus on higher-value tasks that drive growth.

Ground-breaking technology providing insight and building trust

Eye-share develops smart and user-friendly software that automates Accounts Payable and Purchase-to-Pay processes. At the heart of the solution is EyeDa, the AI-powered assistant that streamlines workflows, approvals, and exception handling, providing users with relevant reminders, recommendations, and insights. 

In an era where artificial intelligence is often perceived as a "black box," Eye-share has chosen a new path with explainable AI (XAI). While traditional AI might flag an error without context, EyeDa explains why an invoice is suggested for approval or rejection, giving users a better basis for decision-making and increasing trust. 

"AI must be as understandable as it is intelligent. Finance departments need insights – not just automation. With explainable AI, we provide our customers with a tool that increases control and reduces risk," says Falnes. 

Sustainable technology with measurable impact

Eye-share’s SaaS solution delivers genuine sustainability effects. By digitalising and automating financial processes, both paper usage and manual tasks are significantly reduced, improving resource efficiency.

The solution also provides valuable insights into consumption and supply chains, essential for sustainable procurement and ESG reporting. The transition to cloud-based infrastructure has dramatically reduced customers' energy consumption. 

Previously, a single customer required six dedicated servers. Now, they manage with less than 0.2 servers, thanks to efficient cloud resource usage. By using Microsoft Azure – powered by renewable energy and designed for carbon-neutral operations – the environmental footprint is further reduced. 

"Our solutions support companies' sustainability goals and ESG strategies. Sustainability is not only about the environment but also about responsible and efficient technology," says Falnes. 

Future-proof and flexible software designed for growth

Eye-share software is designed to meet the needs of medium-sized and large organisations across industries and geographies. The solution integrates seamlessly with existing finance and procurement systems and supports a best-of-breed strategy, allowing companies to choose the best tool for each function rather than settling for an all-in-one compromise. Tested globally, the software scales easily according to needs and provides full insight and control, even within complex, multinational organisations. With a future-proof architecture, embedded artificial intelligence, and proven sustainability effects, Eye-share is well positioned for its next phase of growth.

Financial development of Eye-share AS over the past five years