ITMAGINATION 2019 Financial Results - Profits up by 88%; Majority From International Markets
WARSAW, Poland, March 3, 2020 /PRNewswire/ -- ITMAGINATION, a Polish software and IT services company, generated consolidated revenues of more than USD 22.8 million in 2019, 70% from customers from USA and Europe. Net profit amounted to more than USD 2.3 million, increased of 88% YoY as a result of the international development.
Strong 2019 year is the result of a change in management and focus on providing services to fintech and technology companies on international markets. ITMAGINATION continues to be focused on building strong foundations that will allow it to confidently continue to pursue its strategy of international expansion.
Daniel Arak, co-founder of ITMAGINATION:
"One year ago, we anticipated that projects with companies based outside of Poland would account for 70% of our revenue and we have realized that ambition. We are proud that existing clients continue to work with us and that we expand our portfolio. Notable achievements in 2019 include the commencement of work with international leaders. Thanks to recently secured contracts, 2020 figures to provide an abundance of healthy new challenges."
In 2019, profitability increased significantly as a result of improvements to cost and operational efficiency. ITMAGINATION's teams make better use of each individual specialist's skills. Thanks to its remote work policy, greater resources are used for the remuneration of highly skilled experts.
ITMAGINATION is focused on developing its cloud-based services like data migration and management services on the world's leading platforms - Microsoft Azure, Google Cloud Platform and AWS.
"Since ITMAGINATION was founded, we have differentiated ourselves by being both effective and flexible. With 450 specialists we're still motivated to demonstrate our agility and fresh perspective. Every year, we commit to reacting and anticipating market trends. If cloud is going to be the future of business IT, we're already waiting with solutions" - Daniel Arak.
At the start of 2020, ITMAGINATION expanded its portfolio of services by the highest quality of UI and UX services.
ITMAGINATION specializes in services and solutions for banks, financial institutions and international companies from the e-commerce, construction, energy and utilities, and technology sectors. Provides custom software solutions, data analytics and outsourcing services. Founded in 2008 is one of the fastest-growing technology companies in Central Eastern Europe, as recognized by the Deloitte Fast 50 CE rankings and the Financial Times' FT1000.
Contact Details:
Karol Pietrasiak
press@itmagination.com
+48 512-817-166
View original content:http://www.prnewswire.com/news-releases/itmagination-2019-financial-results--profits-up-by-88-majority-from-international-markets-301015411.html
SOURCE ITMAGINATION
