Avangate targets international expansion, sales of USD1bln and NASDAQ listing by 2015

Avangate, player on the market of software electronic distribution, announced that it aims to reach USD 1 billion and become listed on NASDAQ by 2015.

Avangate is an entity which recently separated from Gecad ePayment (before the latter was taken over by Allegro, part of Naspers Ltd.).

“It is my conviction that reaching these two targets will mark a turning point for the local IT industry and especially for Romanian software exports. We have an annual growth of more than 100 percent and we expect revenues to evolve similarly in the future,” said Carmen Sebe, CEO of Avangate.

The company eyes international expansion and plans opening several branches abroad. “We aim to expand strongly on the international market and in order to do that, we plan that over the next 2-3 years we will be opening 3 more offices outside Romania,” said Sebe.

Another 40 people specializing in software sales, business development, online and operational marketing will be added to the team. “We permanently have positions available on our career page, and the number of employment opportunities will increase in order to cover the personnel necessities both for the office in Romania and for the branches we will inaugurate,” said Sebe.

The Avangate solution was launched on the international market in 2005 and since then, it permanently went up in the hierarchy of international developers of solutions of the ESD (Electronic Software Distribution) type.

At this moment, more than 90 percent of the company’s revenues come from external markets, which also include the revenues generated by Romanian software companies which sell outside the country through Avangate.

“In the future we wish to become more involved in supporting the community of software developers in Romania, by being associated in various projects for young entrepreneurs.

Currently, Avangate is among the top 5 producers of ESD solutions in the world, having over 1,500 clients and a team of more than 60 specialists in the four offices it has in Amsterdam (The Netherlands), Mountain View (USA), Taipei (Taiwan) and Bucharest (Romania).