Summary year 2023
A new turnover record, a trusted partner and an attractive workplace
Insta empowers a secure and sustainable future. We are a diversified technology company, a front runner and a reliable partner for our customers in the fields of industry, defence, software consulting, and cyber security. By combining state-of-the-art expertise and smart technology, we are improving security and performance in a world where digitalization is accelerating change. People, competence, and sustainability are the foundations of our company culture.
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Explore the highlights of our business areas this year:
DefenceIndustry CybersecuritySoftwareconsulting
Our unique solutions help our customers in Finland and internationally to strengthen their competitiveness by improving productivity, security, and reliability. Our expertise combines in-depth know-how and customer understanding in all tasks and deliveries of our industrial areas of expertise for the entire life cycle of our customers' operations.
We deliver superior performance to our customers through our command and control solutions, secure communication solutions, and life-cycle services in avionics. We have operated in the defence market for more than 50 years. Our technological know-how as well as NATO compatible products and services accelerate our internationalization.
We offer a wide range of cyber security services from consulting to cyberattack prevention and from network security to the secure digital identity of persons and devices. Our services, products, and broad international partner network are trusted by corporations and public sector organizations in Finland and abroad.
Our strong competence helps our customers evolve, develop further, and create a unique customer experience in the increasingly connected world. We differentiate ourselves with know-how that emphasizes a strong understanding of the industrial environment, information security, and experience in implementing critical systems.
The year 2023 was a year of records for the diversified technology company Insta. Our net sales grew by more than 13% and accelerated to a new record of EUR 173.9 million. All of our business areas reached new record levels in sales, leaning on strong growth as well as the successful acquisition and completion of customer projects in the fields of defence, cyber security, and industrial electrical and automation solutions. The past year was Insta’s thirteenth consecutive year of growth; during that time, we have grown by a total of 250%, most of it organically.
In 2023, Insta Group reached another record in terms of net sales, which amounted to €173.9 M. The company’s net sales grew by 13.4% from the previous financial period. EBIT was €17.0 M and net result stood at €15.4 M; both of these figures grew significantly as a result of volume growth and improved profitability. The Group’s liquidity and financial position remain at an excellent level.
We are a leading Finnish full-service supplier of electrical and automation process systems, a strong defence technology provider as well as a trusted cybersecurity and digitalization partner for companies and organizations requiring critical security.
Our continuously developing services and new products were met with an excellent welcome.
Our customer satisfaction is at a high level. The likelihood of us being recommended is very high – Insta’s Net Promoter Score (NPS) was 61 while the average for B2B companies was 39. We were also praised for the high professional competence of our personnel and our reliability as a supplier.
Our net sales reached a record of EUR 173.9 million. This was our 13th consecutive year of growth.
Our EBIT and net result grew strongly.
In particular, the market position of our cyber security business has been significantly strengthened; net sales grew by 28% in 2023.
The overall results from our annual personnel satisfaction survey were commendable. Our eNPS (Employee Net Promoter Score), which describes employee engagement, was 36 at the group level, which is an excellent result; in our cyber security unit, for example, the score was an astonishing 58.
Insta is an attractive and meaningful place to work. We succeeded in recruiting competent personnel, and the need to recruit experts will continue in 2024.
We promoted the exports of our existing in-house defence solutions to the international market.
First commercial contract on indirect industrial cooperation with Lockheed Martin regarding the development of a data filtering solution for military environments.
Our know-how in cyber security is already being utilized in more than 50 countries and across all continents. Our partners play a significant role in terms of internationalization.
Global change phenomena affect us in many ways – in terms of business as well as the well-being of people. Views of the future related to technology emphasize the utilization of Artificial Intelligence, among other things. It enables making better decisions, boosting production efficiency, improving quality, optimizing logistics, reducing energy consumption, and developing customer service and maintenance operations further. At Insta, we keep a close eye on the change phenomena and consider the opportunities that new technologies can offer us and our customers in the future.
Digitalization, mobility, networking, data, AI, and robotics change the ways of working and create new opportunities.
Utilization of AI and integrating it in software and systems, generating added value for end-users.
The need for cyber security solutions grows as a result of the increased connectedness of systems and the growth of cybercrime.
The climate crisis and the current geopolitical situation impact the needs of the industry and investments.
Strong investments in renewable energy continue, and the construction of infrastructure that supports the green transition is accelerating in electricity and heat generation, for example.
Sustainability is highlighted in all activities.
Securing critical infrastructure is extremely important. Our connected society has several interdependent sectors – energy, water supply, food supply, and logistics.
The unstable situation and war in Ukraine impact the defence sector in many ways. In Europe, additional funding is especially directed to materials procurement and increased preparedness.
Finland joining the defensive alliance NATO in April 2023 creates new opportunities for the defence business through the evolving international defence collaboration.
Insta helps its customers succeed today and in the future. In 2023, most of our product development expenses were allocated to the development of productized cyber services and the utilization of digitalization. International collaboration drives the understanding of the opportunities posed by new technologies.
Miia Onkalo, Vice President Business Development
The recent years’ instability and unpredictability in the world have pushed some megatrends to the background in discussions as a result of COVID-19 and the Russian invasion of Ukraine.
The objective of the AISA project is to drive the development of AI for situational awareness and its comprehensive utilization in various intelligent digitalized industrial production environments. Insta’s aim is to study, conceptualize, develop, and pilot a data-based, secure, modular, multi-level family of solutions to support the management and operations in the process industry and manufacturing industry. Business Finland 2021–2024,
This joint-European project aims at developing innovative technologies required for the future air warfare that ensure pilots’ success in demanding air warfare environments. Insta participates by looking at solutions that monitor the pilot’s performance and state of health. Funded by the EU & European Defence Fund 2023–2025.
An extensive international research project that aims at promoting digital transformation in Europe. Insta is studying device identity solutions, taking into account edge computing and IoT environments that enable the reliable integration of third-party solutions into the 5G and 6G network environments. Business Finland 2022–2024.
The objective of the project was to create a modular and scalable architecture for hybrid manned-unmanned systems for the defence forces of European countries. Insta developed software solutions that enable, for example, the joint operation of autonomous vehicle swarms in a role that provides operational support for a military unit or the independent operation of a swarm during a transport or reconnaissance mission without continuous communication with the command & control system or an operator. The project also created a prototype of a simulation and visualization environment for the development of control algorithms for autonomous vehicles. iMUGS is one of the projects funded under the EDIDP (European Defence Industrial Development Programme).
The solutions developed by insta advanced the Finnish consortium’s general objective of creating a digital twin of a factory. The solutions comprised data-based and cyber secure solutions, which are part of intelligent industry, and products created by software consulting. In addition to software based solutions, academic theses and scientific articles were completed during the project. Business Finland 2020–2023.
As a trailblazer in industrial automation, electrification, and digitalization, we help our customers strengthen and improve their business in terms of competitiveness, productivity, security, and reliability.
Despite the economic downturn, our financial performance and order volumes remained at a good level in 2023. Led by our updated strategy, we built a solid foundation for growth and development. Our particular focus areas are boosting the efficiency of the structures and models in leadership, sales, and purchasing.
We developed our practices and company structure from production orientation toward new directions established based on customer sectors. Installation, Engineering, and Manufacturing performed strongly alongside the new business units Industry & Infra and Energy. Energy focuses on a single customer sector, and its service model will be used in the future in the development and management of accounts from other sectors.
The past year also included new facility projects. Early in the year, Insta Automation’s subsidiary Mattila Porvoo relocated to modern facilities in the Kulloo Nyby business area. In late summer, the construction of new production facilities (M Hall) for the cabinet manufacturing business started in Sarankulma, Tampere.
The competitive advantage from operating across the industrial market, product independence, and the ability to utilize expertise in all customer sectors make Insta a strong partner. We provide comprehensive service and have the know-how from the transformer level to automation and digitalization – we can deliver the entire chain ourselves using Finnish resources, which is not common. For example, the growing number of clean transition projects enables the strong growth in our offering in terms of the energy industry and our electrification competence.
Jyri Stenberg
Senior Vice President, Industry
Insta’s Defence business focuses on situational picture and command & control systems, system integrations for networked defence, AI-based analytics, simulators, and cyber security as well as avionics maintenance and repair and solutions that secure pilots’ performance.
As a long-term strategic partner of the Finnish Defence Forces, we have an important role in ensuring the security of supply and in securing industrial self-sufficiency.
Our defence sector net sales and financial performance grew in 2023.
The development of the international defence collaboration as a result of Finland’s NATO membership is positive for the Finnish industry as well as European security, even though instability and unpredictability around the world continue.
We work closely with the other actors in the field. Our more than 50-year-long collaboration as well as strategic partnership with the Finnish Defence Forces developed favorably. Overall, customer satisfaction was at a good level.
The interest toward the defence sector and opportunities to secure Finnish society have grown, which is also reflected in recruitment. Those who work in the Defence business demonstrate high levels of job satisfaction, with an increase from the previous year.
Insta is one of Finland’s most significant cyber security companies. We offer a wide range of cyber security services from consulting to cyberattack prevention and from network security to the secure digital identity of persons and devices.
For example, the European Cyber Security Directive NIS2 and the new national legislation on cyber security risk management enacted for its enforcement pose new obligations for a large number of companies and organizations that require them to prepare for cyber threats. The objective of NIS2 is to raise the level of cyber security in Europe and to reduce the losses caused by cyber crime. The directive covers actors whose operations are considered to be critical for society. Such actors must comply with the requirements of NIS2 as of October 2024.
The threats and opportunities posed by AI will be multiplied by the 2030s. The role of cyber security and demand for new services will only grow in the future.
The service provides secure and efficient processes as well as reliable tools for encryption key management centrally and from just one source
Insta SafeLink is a VPN solution that was developed for the strong protection of communication for security-critical organizations, and the solution’s hardware-based encryption functionality was issued a patent.
The compact, portable encryption device is the market’s most advanced Traficom TL III approved VPN (Virtual Private Network) solution.
Insta signed a contract on gateway solutions with the Finnish Defence Forces.
The world is becoming more complex with technological development, and cyber security solutions have been developed at least at the same pace.
Marko Hautakangas, Vice President Cyber Security
The unstable global situation with various threats, digitalization, and the growing regulations drive the demand for cyber security services. For example, the European Cyber Security Directive NIS2 and the new national legislation on cyber security risk management enacted for its enforcement pose new obligations for a large number of companies and organizations that require them to prepare for cyber threats. The objective of NIS2 is to raise the level of cyber security in Europe and to reduce the losses caused by cyber crime. The directive covers actors whose operations are considered to be critical for society. Such actors must comply with the requirements of NIS2 as of October 2024.
The threats and opportunities posed by AI will be multiplied by the 2030s. The role of cyber security and demand for new services will only grow in the future.
Insta’s software consulting business offers agile and scalable software development and digitalization solutions. We differentiate ourselves with professionalism that emphasizes a strong understanding of the industrial environment, information security, experience in implementing critical systems, and expertise in modern, reliable technologies.
During 2023, we have clarified our strategy, thought about our competitive advantage, and considered the best ways in which we can help our customers succeed. Our objective is to be our customers’ trusted and agile technology partner that has in-depth understanding of its customers’ needs and that can help them reach the best competitive advantage in the constantly evolving business environment.
Laura Niittylä
Vice President, Digital
Our success factors include genuine, in-depth customer understanding, our developing range of services and products as well as our competent personnel. Strong commitment characterizes us. Continuous improvement lays the foundation for long-term partnerships.
We have operated within the industry for more than 60 years. On the defence market, we are known as front runners and reliable partners. As a strategic partner to the Finnish Defence Forces, we have taken part in NATO partnership activities for years already. Our know-how in cyber security is already being utilized in more than 50 countries and across all continents.
Security is part of our core competence, culture, and approach. We want to secure the business functions of our customers in all situations. We have a strong team spirit and, as a family company, our way of working is agile and flexible.
Our products and services are valued by our customers and meet their needs. We engage in close collaboration with our partners and build partner networks.
Our customers can rely on our state-of-the-art competence. The solutions that we offer are technically advanced and competitive.
We know new technologies and apply them to the customers’ challenges in new and innovative ways.
Our work inspires us, and we continuously develop our competence. We are a family-owned company with an atmosphere that encourages open dialog and supports success and enjoyment at work.
As a family company and in alignment with our culture, we have especially focused on finding the best solutions for everyone in their current life situation. We continuously hire new people to become part of our high-performance teams. Over the course of the year, we hired more than 130 software developers, automation experts, cyber security professionals, and other specialists.
Sources of workplace comfort: interesting assignments, help and support from coworkers, and a focus on well-being.
Over the course of the year, we hired more than 130 software developers, automation experts, cyber security professionals, and other specialists.
A sustainable approach enables the profitability and continuity of our business – we create a more sustainable society through our solutions and services. Our solutions are sustainable and safe for people, society, and the environment. Our sustainability is guided by the company’s Ethics Guidelines and policies. People, competence, and quality lay the foundation for our company culture.
Our personnel are very committed to our sustainable approach.
75% of our customers said that Insta helps them reach their own sustainability targets well or very well.
In 2023, our total waste volume was 24% lower than in 2022.
The most important news, inspiring articles, and up-to-date insights from our experts across various industries and information about our upcoming events.
