13 February 2014
DataArt Announces 2013 Year-End Results; Posts Record Revenue
Custom Software Development Firm Reports Major Client Wins & Record Revenue across Practices
DataArt, a leading custom software development firm serving select industries, today announced a record revenue of $40M for 2013, a 25% annual growth, with over 90 new client wins.
The company’s client portfolio remained diversified, with the top ten clients accounting for just 37% of total revenue. 43 out of 45 top clients in 2012 continued to work with DataArt in 2013, attesting to the company’s industry expertise, stability and excellent management. The client list is comprised in equal measure of large, medium, small and start-up businesses (28%, 27%, 25% and 19% respectively).
Innovative use of technologies and finely-tailored client solutions resulted in the Travel & Hospitality practice doubling its revenue in the U.S. and UK, with its executives speaking at several high-level industry conferences. The Media practice grew by 90%, and the Financial Services practice, the largest in the company, had a steady growth of 28%, servicing asset management firms and broker dealers and launching two reporting applications - Free Form PF and AIFMD Reporting Tool. The Healthcare & Life Sciences practice has seen the largest investment in R&D and human resources, which resulted in key client wins in the past few months. DeviceHive, a cloud-based M2M framework invented by DataArt developers, has been used in a number of client projects, and its co-inventors became sought-after speakers at key industry events, including JavaOne.
2013 has been a record-breaking year for the company in other regards. DataArt hired 300 engineers, bringing the total employee count to over 1,000 across ten geographic locations, with five R&D centres operating in Ukraine and two in Russia. The London and New York offices doubled executive management staff.
DataArt was once again named to the prestigious INC. 5000 list of the fastest growing U.S. companies and selected to the Global Sourcing 100 List of top software providers for the sixth year in a row.
”DataArt’s record growth over the last year was accelerated by our industry experts’ ability to create and build top notch solutions and thanks to expanding our existing client accounts,” said Eugene Goland, President of DataArt. “In 2014, we look forward to continuing our rapid growth by investing heavily in our industry practices, as well as tailoring our services to better fit our clients’ needs.”
In 2014, DataArt plans to develop specialized offerings for enterprise clients, addressing their unique challenges related to scale, regulation, competition, staff shortages and technology modernization. Four key areas are planned: system modernization, product launch, elastic development and managed services.
The company aims to expand its service portfolio beyond core development and QA to business analysis, product planning, design on the front end of the spectrum and managed services. DataArt will continue to aggressively invest in existing industry practices.