The 2011 loss was about $2.8 million while revenue reached about $59.4 million. Last fall, directors dumped CEO Bo Martinsen and while he has not been replaced Norriq has made no statement that a replacement is being sought. In January, it hired a new CFO Tommy Valther Hansen and one source says because of Hansen’s connection with investors it’s likely no CEO would be hired. Besides having the three operating companies, Norriq said it sells in 40 countries. The company was in the 2011 President's Club and Inner Circle. Apparently, awards do not mirror financial performance. But I think we knew that.
NORRIQ NARROWS LOSS
Norriq, one of the Dynamics resellers hammered by the European economy, narrowed its loss for 2011 by 73 percent while revenue grew by 2.4 percent over 2010. One reason for being concerned with Norriq, which has subsidiaries in Belgium, Denmark and the Netherlands, is that its Chairman Peter Thiell claimed Microsoft said it is the largest and most important partner in The Nordic Countries and “also in the most of Europe” because of the increase in new Dynamics NAV customers.
