R&W grows 80% to US$7.8mn, predicts 150% surge in 2011

- Wednesday, January 19, 2011

R&W grows 80% to US$7.8mn, predicts 150% surge in 2011

Brazilian IT solutions firm Red & White (R&W) recorded revenue growth of 80% to 13mn reais (US$7.77mn) in 2010 and plans to reach revenues of 35mn reais, a 150% jump, in 2011, the company said in a statement.

The ambitious goal for this year stems from the inauguration of affiliates in Sao Paulo and Recife.

"The two regions will fill a highly strategic role for R&W," said CEO Joao Grego. "We will be closer to our clients from the interior of Sao Paulo [state] and the northeast."

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R&W attributed its 2010 results to sales of licenses from German software solutions firm SAP. The Goiania-based business opened Latin America's first SAP Competence Center in 2010 to provide training for IT professionals and prospective clients.

R&W, which started three years ago as a spinoff from the Brazilian holding company Grupo Jose Alves, currently has some 120 employees.