Madrid, 11 December.- Spanish tech firm Lleida.net (BME: LLN) (EPA: ALLLN) (OTCQX: LLEIF) has initiated an extensive Revamp Plan in light of a 20% decrease in sales during the initial three quarters of 2023.

This comprehensive initiative involves a significant restructuring across multiple operational tiers. It includes a Collective Redundancy Procedure (CRP), downsizing in Colombian and Peruvian subsidiaries and branches, closure of several subsidiaries, and adoption of a revised financial policy.

These measures aim to restore profitability and reduce net financial debt swiftly, with the goal of achieving positive cash flow by early 2024. The forward-looking strategy focuses on Software as a Service (SaaS) sales in markets boasting a loyal customer base, with particular emphasis on Peru, Colombia, the Dominican Republic, and Europe. Europe, in particular, stands out as a pivotal market due to incentives for digitalisation and adherence to the EIDAS regulation.

Furthermore, the company is reimagining its approach to standardised products, aiming for reduced technical innovation but increased accessibility for customers with a higher average spending.

During Q3, a 23% sales dip compared to the previous year was attributed to a technological shift in the SMS market, still constituting 34% of the group's overall revenue. Sales from its Software as a Service (SaaS) portfolio comprised 46% of the total sales.

Internationally, sales have seen a downturn, currently accounting for 47% of the total revenue compared to the 57% share in the previous year. Established in 1995, Lleida.net initially went public in Madrid in 2015.

Subsequently, it pursued dual listings on Euronext Growth Paris in 2018 and the New York OTC Markets in 2020.

The company boasts a collection of 303 patents across over 60 countries, credited to its innovations in certified electronic signatures, notifications, and electronic contracting.