Veckans Affärer, Sweden’s largest weekly business magazine, have presented Carmen Systems with the prestigious 12th annual “Årets IT Företag 2003” award. The presentation was held on 26 May in conjunction with the annual analysis of Sweden’s 500 largest IT companies.

Carmen Systems has established a leading position for itself in its niche optimization software and services that facilitate and support decision-making at major airlines and railways with their planning and implementation. Its software applications are based on a modelling language, Carmen Rave, and unique algorithms, which were developed by Carmen Systems.

The company, with its origins in the Volvo group, has a history of rapid growth and good profitability. Growth over the last five years alone has averaged 40% with 2002 being the company’s best year so far. Turnover for 2002 was SEK 164 million and profits doubled. Carmen Systems’ customers include many of the world’s largest airlines, Air France, British Airways, Lufthansa, Northwest Airlines, SAS, and also the German railway group, Deutsche Bahn.

At present, Carmen Systems is crucial in the planning of working schedules and route allocations for more than 20% of the world’s airline crews.

"Through a well-defined niche strategy with a focus on profitability Carmen has become world leading in its field. This makes the company a role model for the Swedish IT industry," said Weje Sandén, Editor of Veckans Affärer.

Göteborg based Carmen Systems has 170 employees of 25 different nationalities worldwide. One third of Carmen Systems is owned by its management and staff while the remaining two thirds is owned by Innovationskapital, Gilde IT-Fund and General Electric. An Initial Public Offering (IPO) is planned.