Panda Security expects Brazil sales to triple

- Thursday, March 3, 2011

Panda Security expects Brazil sales to triple

Spanish antivirus software company Panda Security expects a triple-digit surge in sales in Brazil to drive Latin American results higher this year, Panda's director general for Spain, Portugal, Latin America and Canada, João Matos, told BNamericas.

Depending on the country, Panda expects both revenues and total number of clients to jump 50-100% by year's end.

"Brazil will continue to be the country that grows the fastest, due to the domestic economy," Matos said.

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As a whole, Latin America will account for 20% of Panda's global sales by year's end, up from the current figure of 15%, according to the executive.

Other markets with significant growth potential include Chile, Argentina and Mexico. According to company estimates, Panda currently controls 8-9% of the Latin American antivirus market, Matos said.

Plans in 2011 include extending distribution agreements with retailers such as Office Depot and also establishing deals with wholesalers such as Miami-based IT products wholesaler Intcomex, Matos said.

"It's an agreement that we have whereby we are opening up to each market where Intcomex is present," he said. Those countries include Argentina, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Jamaica, Mexico, Panama, Peru and Uruguay.

"We already have the agreement. We just have to implement it."

Panda's Latin America revenues increased 40% last year, with significant sales coming in Brazil and Argentina. On the other hand, growth in Mexico came in below the 40% threshold.

The firm's regional sales were divided 50-50 between corporate and residential clients, and Panda expects the even split to continue in the foreseeable future.

Panda Security provides security software, security appliances and managed security services. The firm has a presence in 19 Latin American countries through partnerships, and also has a subsidiary in Brazil.

Key clients include Brazil's military and Argentina's finance ministry.