Vtex expects US$8.8mn in sales in 2011, plans expansion in Southern Cone

- Wednesday, June 8, 2011

Vtex expects US$8.8mn in sales in 2011, plans expansion in Southern Cone

Brazilian e-commerce solutions company Vtex expects 14mn reais (US$8.83mn) in sales this year and plans to expand operations to Argentina and Chile in the next three months, the company said in a statement.

With an annual growth rate close to 80% in the last few years, the company expects to bill 100mn reais within five years.

Besides international expansion, Vtex's strategy includes several acquisitions in Brazil, as well as investing 16mn reais in new products for the next three years, since 18% of the company's revenue goes to innovation, said marketing and sales director Alexandre Soncini.

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One of Vtex's latest innovations was integrating its e-commerce platform with Google Shopping, a price comparison tool that will be soon available in Brazil.

The company plans to launch upgrades for its e-commerce platform every 60 days.

The roadmap for Vtex includes the possibility of launching an initial public offering, but there are still no definitive plans or deadlines.

"Coupled with our strategic plan, opening capital will be one of the options to finance the desired global expansion," Vtex VP Mariano Gomide de Faria was quoted as saying by news site Baguete.