Argentine software outsourcing firm Globant has reported US$127.9 million in revenue for the second quarter of 2018, an increase of 28.4% from the same quarter last year.
Globant, whose stock price has almost doubled in the past year, has attributed its success to the growing demand for digital transformation services.
Considering its statement, its client base, which contributes around US$1 million to its annual revenue, has also increased 20% compared with the previous year.
“Our ability to nurture long-term relationships and to expand into multiple divisions within our customers are leading our growth. We now have 92 accounts with over $1 million in annual revenues compared to 76 1 year ago,” stated Martin Migoya, Co-founder and CEO of Globant.
Globally, the “digital space is growing at 20% year-over-year” and the “cognitive field is growing at 60%”, Migoya said in a call with analysts, citing IDC and Tractica’s reports respectively.
“As our pipeline keeps expanding, we remain optimistic about delivering sustained growth.”
Though incorporated in Luxembourg, Globant was founded in 2003 in Buenos Aires, where it maintains its principal operating subsidiary. It has always stood out from many of its peers, focusing more intensely on innovation, agile software development, and new technologies.
Some analysts say that blending an advertising agency with computer programming may also have played in its favor. British advertising giant WPP, which has expansive operations in the Americas, is one of the investors in Globant.