In 2018, ITMAGINATION generated revenues of 92 million Polish zloty (approximately 24.5 million USD), an increase of almost 20% on the previous year. For this same period, the Polish software development company recorded post-tax profits of almost 4.9 million PLN (over 1.3 million USD). Approximately half of the revenue generated in 2018 came from projects delivered for clients outside of Poland. Daniel Arak, co-founder and board member of ITMAGINATION, believes that projects for clients abroad could account for as much as 70% of 2019 revenue.
In addition to strong growth in revenue, ITMAGINATION also celebrated 10 years of its operations in 2018. Board member and co-founder of ITMAGINATION, Daniel Arak, reflected on these achievements: “With more than a decade of experience operating on the market, we can confidently claim to be a stable, mature business. The fact that we’re recording strong revenue growth and generating significant post-tax profits is testament to this. From a business perspective, 2018 was a very good year. We managed to secure many new projects from new clients, and we successfully grew our business with existing clients. This would indicate that ITMAGINATION’s appeal and status are growing, and that our clients and partners trust us and want to further strengthen their relationship with ITMAGINATION. Furthermore, our strategy to grow the business internationally is bearing fruit. In the last two years, projects from clients based outside of Poland accounted for around half of ITMAGINATION’s business. In 2019, we expect for the revenue generated by projects for international clients to increase to around 70%. Going forward, growth on international markets will continue to be one of our main goals”.
Profits from 2018 will be re-invested to support ITMAGINATION’s international growth ambition. Already in 2019, ITMAGINATION has completed many large-scale projects for some of the biggest players in the banking and e-commerce sectors. Today, IT professionals and developers from ITMAGINATION are working on projects for companies based in Australia, Asia, Europe and North America.
ITMAGINATION, a Polish software house with international ambition
With regard to ITMAGINATION’s international ambition, Daniel Arak remarked: “North America, particularly the US, is a very important market and growth region for ITMAGINATION. The most-innovative fintech companies are there, and there’s a digital revolution happening in sectors like automotive. This appetite for innovation, as well as our cultural proximity and ability to find, train and connect highly skilled, fluent-in-English, IT professionals and developers, makes ITMAGINATION a strong fit for many US-based companies.”
“We feel honored to be working with companies that are recognized as some of the most exciting and innovative in their respective sectors. Many of them are transforming business models and the markets that they operate in through their innovation. To work with such organizations is an honor for us as a company, but it also creates exciting opportunities for our people to experience – and contribute to – innovation at its fastest and most impactful. Our clients appreciate our high level of competence and experience of handling large IT-outsourcing projects. Increasingly, these relationships are graduating from client-vendor to partnerships. We provide support through Innovation-as-a-Service models, and help our clients develop new business models and identify new opportunities on existing or new markets. We’re empowering our customers to realize their business ambitions, and we’re doing this by helping them get maximum benefit from technologies like Big Data, Data Analytics, and Behavioral Analytics.”
Why do companies choose Poland and ITMAGINATION for their IT projects?
The growth in the number and value of projects being entrusted to ITMAGINATION by international companies is reflective of an international trend towards outsourcing to countries with a strong supply of highly skilled IT professionals and developers. For many companies, Poland represents an optimal mix of the right quality of skills, cultural proximity and linguistic proficiency, as well as value for money. Polish developers, for example, are among the most ‘in demand’ in the world.– In 2016, Hackerrank ranked Poland as the third-best country for the quality of Developer skills (after China and Russia). And it’s not just the fact that Poland has strong developers – there are many reasons why companies are outsourcing to Poland and to companies like ITMAGINATION. Some of the reasons are explored in a recent blog post by ITMAGINATION’s Head of Outsourcing about why US companies outsource their IT to Poland.
ITMAGINATION is a Polish software development company and is among the most dynamically devoloping firms in the IT sector. ITMAGINATION specializes in developing customer software, Data Analytics and Business Intelligence solutions, and providing IT outsourcing services. ITMAGINATION works with companies all around the world and from a variety of different sectors, including: finance, business, construction, energy and utilities, and technology.
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