Softway aims to grow 50% in oil and gas industry for next 3 years

- Tuesday, June 14, 2011

Softway aims to grow 50% in oil and gas industry for next 3 years

Brazilian Campinas-based software provider Softway is expecting 50% growth in the oil and gas industry for the next three years, according to news site Baguete.

Much of this expansion will come from its Rio de Janeiro subsidiary, where the company has been operating for the last two years, with 20% growth in the oil and gas market during this period.

Rio represents 5% of the company's annual billing, and oil and gas clients correspond to 7% of its client base.

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"The increased exploration in the oil and gas market, the need for computerized control of imports and exports by enterprises engaged in the business, and the need to manage several customs practices... allow us to aim for growth," said Softway CEO Menotti Antonio Franceschini Neto.

Figures from Brazilian development bank BNDES show the oil and gas market's high potential, with 180bn reais (US$114bn) in investments in Brazil between 2011 and 2014.

Softway is also aiming for acquisitions and international expansion to grow in the country through a recent 60mn-real contribution from equity fund DGF Investimentos. The company has already bought SaaS solutions firm Softleasing, in 2010.

Regarding international expansion, the company opened a subsidiary in Argentina with a US$2mn investment and is planning a Mexican unit for 2012, as well as offices in Colombia, Chile, the US and Central America over the next five years.

The company closed 2010 with revenues of 60mn reais and expects to exceed 100mn reais by 2014.