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US-based networking company Cisco (Nasdaq: CSCO) sees strong growth opportunities in Colombia, and is aiming to double its revenues in the country within the next three years, the company's newly appointed general manager for Colombia, Christian Onetto, told BNamericas.
The company expects to be able to double revenues in the country in its fiscal 2017 compared to fiscal 2014, he added.
Colombia is one of around 20 emerging markets in which Cisco is investing heavily and the company has made a US$500mn fund available to finance projects related to new business models in those countries.
The company also expects to invest significantly in a new office in capital city Bogotá this year, which will include a floor exclusively dedicated to Cisco's clients and partners, according to the executive.
STRATEGIC GROWTH PILLARS
Cisco has identified several key growth areas to achieve this expansion, including the telecom operator vertical and growth in the mid-market segment outside Bogotá.
There are strong growth opportunities among both fixed and mobile operators in Colombia, as both fixed and mobile broadband in the country remains low but is rapidly growing, according to Onetto.
Cisco is also aiming to work together with public sector entities in areas including broadband, as well as education, healthcare and defense.
The firm is also aiming to boost its presence outside capital city Bogotá. Cisco has offices in Medellín and more than 300 partners in the country.
Colombia is less economically centralized than many Latin American nations, and Cisco is aiming to take advantage of its strong partner and distribution network to boost growth outside the capital, he said.
The company now has six distributors in Colombia and sees particularly strong opportunities in the mid-market segment outside Bogotá.
Cisco is also looking to grow sales of more recent additions to its product portfolio in Colombia, such as security, collaboration or datacenter solutions, as well as cloud services, Onetto said.
The company also sees specific growth opportunities in other industry verticals, including the banking and oil and gas sectors, as well as retail.