InnoWave Technologies grows 117% in 2009

Last year InnoWave had a revenue of €1.1 million. For 2010, the 3rd year of operations, InnoWave expects to reach €1.6 million, increase the team to 35 employees and reinforce the internationalization strategy to countries like England, Denmark, Netherlands and Germany.

Lisbon, April 5th, 2010 – InnoWave, a fast-growing technology company with a strong international focus, has just announced its financial results for 2009 and expectations for 2010. In 2009, the company’s revenues have reached €1.1 million, an increase of 117% compared with €509 thousand in the previous year. For 2010, InnoWave expects to achieve €1.6 millions. In 2009, Portugal has represented 56% of the company revenues and Belgium 44%. Telecommunications sector, in which InnoWave has a strong know-how and expertise, was the main source of the company’s revenue with a share of 85%, followed by Financial Services and Insurance sectors. Regarding the offer, Consulting business (CRM, Billing, Performance Tuning, Provisioning, Commissions) represented 71% and Smart-sourcing business (System Integration, Application Management) represented 29%.

According to Tiago Gonçalves, InnoWave Technologies’ Managing Partner, “2009 was extremely positive and exceeded the initial expectations of doubling the revenues. Furthermore, we strengthened the team with senior consultants who are a real added-value for the complex projects that we are involved. At this level the growth was 83% -from 12 employees in 2008 to 22 in 2009. "

The main projects in 2009 were implemented in three large Portuguese Telecommunications Groups and two large Belgians Telecommunications Groups. The year was also marked by the launch of InnoWave Silego®, a right-time business intelligence application, and the partnerships with Sigma Systems, Nimbus Systems, Oracle, Ericsson and IBM.

The focus on team qualification and certification was continuous, particularly in Oracle and Sigma Systems technology. To successfully respond to customers’ challenges, InnoWave has a wide range of consultants certified by Oracle (Siebel), Callidus (TrueComp), Comverse (Kenan-Arbor), Software AG (WebMethods) and Informatica (Powercenter).

In 2010, the company expects to increase the team up to 35 employees and strengthen the relationship with key Portuguese universities, by providing internships in the areas of product development and innovation.

Internationalization will continue to play a key role in InnoWave’ strategy. By the end of 2010, the company plans to expand its operations to Netherlands, Denmark, Germany and England and reinforce its presence in Brazil, Belgium and Poland. The goal is to reach 70% of international business in annual revenues. The sales effort will be primarily focused on two pillars: services in smart-sourcing model in Telco and Financial sectors and InnoWave Silego product.

About InnoWave
InnoWave Technologies is a fast-growing technology company that stands out in the market for high expertise in Billing, Provisioning, BI and CRM. Its portfolio of solutions includes the best-in-class Real-Time Business Intelligence platform Silego®. InnoWave is currently present in Portugal, Belgium, Poland and Brazil, and soon also in England, Denmark, Netherlands and Germany. For more information, visit www.innowave-technologies.com.