With IFC backing, Softwell plans accelerated expansion in 2011

- Monday, January 3, 2011

With IFC backing, Softwell plans accelerated expansion in 2011

With a US$9mn investment facilitated by the World Bank's International Finance Corporation (IFC), Brazilian software company Softwell Solutions plans to accelerate growth on its estimated 22mn reais (US$13.3mn) in revenues from 2010.

"One of the things that I believe contributed [to the IFC approval] is our planning and organization, something rare in start-ups," Softwell CEO Wellington Andrade Freire told the website InformationWeek Brasil.

The Salvador-based start-up plans to use the IFC influx to develop more visual and intuitive software solutions and applications, according to the InformationWeek report, and also to help finance the opening of operations in the US.

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"From a developmental standpoint, it is important to support the growth of software companies such as Softwell, as their products have a potential to reduce operational/transaction costs of IT software clients both within and beyond Brazil," the IFC said of the project in a statement on the organization's website. "Further, supporting software companies would enable Brazil to move up the value chain in the global IT space, provide quality employment opportunities in leading edge technology development, and help demonstrate the ability to produce world class software in emerging markets."

Launched in 2007, Softwell has some 120 employees. The company's principal product - the Maker suite - enables software development and today accounts for about 0.6% of the development tools market in Brazil.