Press release -
Shortcut Labs invented the smart button Flic - Now they turn to profit and restructure the management.
Shortcut Labs has developed several versions of Flic - small, connected buttons that allow you to control apps and systems with a simple push of a button instead of touching the phone or using voice control.
The company had sales of just over SEK 22 million during the 2019/2020 financial year, which is an increase of over 25%. The company also reports a positive operating profit for the first time - of just over SEK 1.7 million.
The market for smart buttons is growing on all fronts. We have a head start with unique solutions and superior proven technology. At the same time, we have several exciting launches ahead of us that will make us grow further in the long term, says Daniel Abdiu, newly appointed CEO.
Daniel Abdiu was recruited from Tre to Shortcut Labs in 2016 and has previously been sales manager and operations manager at the company. He now takes over the CEO position from founder Joacim Westlund Prändel, who becomes chairman of the board.
The company is entering a new phase, and we are adapting the management accordingly. We have tremendous confidence that Daniel will be able to lift the company during the growth phase with a focus on sales and technical innovation, says Joacim Westlund Prändel, founder and chairman of the board.
Founders Joacim Westlund Prändel and Amir Sharifat will continue to work to develop the company full-time, with a focus on innovation and growth and product development and logistics, respectively.
Not many startups succeed in becoming profitable, especially not in hardware innovation. It feels incredibly fun that we have managed to cross that threshold, says Westlund Prändel.
Shortcut Labs released the world's first smart button on the market five years ago. The first version of the company's bestseller was connected to mobile phones so that you could control functions in different apps with the push of a button. Today, users can connect the buttons to almost anything - including their proprietary Flic Hub which acts as a central unit. The buttons are known to control connected things in the home, such as smart lights or music systems. But Flic buttons are used for much more than that.
The most significant growth for us is in corporate sales. Our customers build the buttons into other systems, connect them to their apps and build their services around them. The areas of use are extensive, they are used for everything from security alarms to sports equipment to motivation-enhancing sales tools, says Abdiu.
Flic is a Swedish tech company behind the world’s smartest button with products including Flic, Powered by Flic and Flic Hub. With simplicity at its heart, Flic, is creating a single, trusted communication point between people and the services they love.