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Brazilian firm Totvs (Bovespa: TOTS3) has opened a software development center in São Paulo, the company said in a release.
The facility, which will occupy a 3,000m2 plot and employ 700 workers, will develop solutions for Totvs' primary vertical markets, which include healthcare, agriculture, judicial institutions, financial services, distribution and logistics, retail, education, construction, manufacturing and services.
The center is part of Totvs' R&D expenditures, which topped off at 150mn reais (currently US$90.2mn) last year. Aside from the center, R&D funds have also been set up for digital TV applications, solution integration and software updates.
In related news, the company called an extraordinary shareholders meeting to be held, on second call, on March 21, at the company's headquarters in São Paulo. The proposals on which shareholders are to vote include a 1:5 stock split of 100% of the common shares of the company's corporate capital.
Totvs boosted revenues 14.2% to 1.13bn reais in 2010.
Growth figures for Totvs units in Argentina and Mexico outpaced figures from Brazil. Still, the software development firm's home country remained the principal driver of its overall upward trajectory, accounting for more than 60% of growth and 95% of revenues.