InnoWave’s 2015 revenues at €6.8 million, €11 million anticipated for 2016
The Portuguese technology and IT services company achieved revenues of €6.8 million in 2015; a notable 31% increase from the 2014 figures. With this in mind, InnoWave anticipates that 2016 will reflect the company’s continued growth and estimate not only growing the headcount by 50 employees, but also an increase in revenue to €11 million.
Lisbon, April 26th 2016 – InnoWave has announced its financial results for 2015 and the projected outlook for 2016. The turnover for last year was €6.3 million in Portugal, and €487,000 in Belgium. This marks a 31% increase in revenue from previous years. We can expect to see this success continue as InnoWave makes plans to enter the US market later this year too.
InnoWave CEO, Tiago Gonçalves states “2015 was an excellent year for InnoWave.” Pleased with what has been achieved thus far, Gonçalves anticipates that “this positive trend will continue within primary markets for 2016.” There has been a remarkable growth in headcount as well as figures; InnoWave recruited an additional 50 employees in 2015, ending the year with a staff of 150. This is a number also expected to continue growing, estimated to be able 200 by the end of 2016.
2015 saw further impressive milestones for InnoWave with the opening of their London office, yubuy spin-off, InnSpect’ sales boost, and acquisition of IoT company, Thought Creator.
‘We have reinforced our international focus in European, American and Canadian markets, placing major investment in core competitive advantages, whilst also diversifying our business beyond Telecom and Media industries, and resulting in significant growth within Finance markets.’ Mr. Gonçalves added.
This has resulted in an expanding customer base, as well as a strengthened service level for existing InnoWave customers. Mr. Gonçalves notes that InnoWave ‘began working with Liberty Global in the Netherlands, and 42% of our aggregate turnover has been made outside of Portugal’.
62% growth in 2016
InnoWave estimates an €11 million consolidated turnover from their 5 business units in the year to come. This growth resulting from the combined business of InnoWave Portugal, Belgium and UK, yubuy and Thought Creator, means a 62% growth from 2015.
Reflecting this growth, InnoWave intends to hire 50 new IT employees strengthening the software development, project management and testing departments.
CEO, Mr. Gonçalves further identifies the technological trends that these evolutions will accommodate as cloud, mobility, real-time analytics/big data and Internet of Things (IoT). He describes these technologies as ‘favouring digital transformation across all industries, contributing to empower who ever controls innovation’ and remarks that ‘companies like InnoWave will be able to focus on accelerating innovation for their customers’.
The final area that InnoWave will be seeking to expand in is business acquisition. This is with the purpose to reinforce their presence within existing, sophisticated markets, as well as to strengthen their intended entry into the US market.