Globant has posted US$199.6 million in annual earnings for the full year of 2014, its highest yearly revenue to date, with the IT services firm attributing the success to its expansion in Latin America and its new service delivery model.
Globant’s revenue in 2014 increased by 26% from the previous year. In the past 12 months, Globant launched three delivery centers in Latin America: in Mexico City, in Lima, Peru and in Mar del Plata, Argentina.
This expansion in Latin America was clearly reflected in the company’s 4th quarter revenue, when it made $55.1 million, its highest quarterly earnings to date.
“During the last months of 2014, we continued reinforcing our position as a leader in the creation of innovative software products, bringing in new logos to our portfolio and working on disruptive projects such as the development together with Google of Project ARA’s marketplace,” said Martin Migoya, Globant CEO and co-founder.
The new delivery centers, according to Globant, bolstered its nearshore operations, while the ‘Studios model’ – its new service delivery model –enabled the company to deliver the best solutions for consumer-oriented initiatives involving emerging technologies.
The Argentine firm finished the quarter with 3,775 employers, of which 3,424 were IT professionals. North America accounted for nearly 82% of its revenue, with Latin America accounting for just 12.4%. Within Latin America, Chile represented a large share of its revenue.
Globant’s has approximately 296 customers, but the top 10 clients represented nearly 50% of its revenue, despite the fact that nearly 46 of its clients post more than $1 million in annual earnings.