SAP sees high growth rates in Mexico, Peru in Q1

- Tuesday, May 31, 2011

SAP sees high growth rates in Mexico, Peru in Q1

SAP (NYSE: SAP) saw significant growth rates in Peru and Mexico in the first quarter of the year, company president for Latin America, Rodolpho Cardenuto, told BNamericas.

"These two markets grew between 40% and 60% in the first quarter compared to the previous quarter," he said, which drove regional growth in the period.

"Mexico was one of the most affected countries by the economic crisis, and the country is now experiencing a recovery. This is why we're seeing acceleration in the growth in Mexico," he said. The company expects Peru, as well as Colombia, to have a very positive year overall.

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Commenting on the Brazilian business, Cardenuto said the country currently enjoys a positive economic scenario with a very low risk for companies to invest.

Brazil, Mexico, Colombia and Chile are the four largest markets for SAP in terms of revenue contribution, and "Brazil is the third largest market for SAP globally, behind the US and Germany," he said. SAP's Brazilian subsidiary grew 90% in 2010 alone.

SAP's business in Latin America expanded 48% in 2010, doubling the growth experienced by the company on a global level, he added.

But Latin America's IT sector needs to invest to generate more qualified human resources to face increasing demand from the market, Cardenuto said.