Manila Bulletin, July 4, 2010 (Melody Aguiba) — Open source software developer Exist Global foresees a 100 percent revenue growth this year to $4 million on back of a vibrant US market and local companies’ willingness to pay for high-valued software.
The company believes this year is the start of sustained profitable operations from a slowdown in the US market after it was adversely affected by the global financial crisis.
“As far as Exist is concerned, I think the worst is behind us. We’re receiving a lot of requests, indicating that the second half is going to be healthy. We’re beginning to focus on hiring again,” said Winston Damarillo, Exist Global founder, in an interview at a company celebration for its first half performance.
Jerry Rapes, Exist Global chief executive officer, said the company further foresees revenue growing to $6 million by 2011 and ramping up to $8 million by 2012.
“In 2008, we lost 70 percent of our market in the US. But we looked at other markets and (found out), the Asian market has great opportunities,” Rapes said.
Damarillo said the company will also grow from Internet mobile applications.
“It’s growing explosively. There are 30,000 applications on iPhone now. It’s surely going to explode because of Android and the computing device that people will carry around,” Damarillo said.
Even local companies including banks, telecommunications, and health care companies are willing to pay for software at US rates, recognizing its big efficiency lift on operations. This has brought Exist Global’s local market to account for close to 50 percent of its total business.