Software product engineering specialist 99X Technology saw top-line performance growth of 50% year-on-year for the financial year ended 31 December 2019, a strong close to a year that saw organisational growth across the board.
The top-line increase is mainly attributed to recurrent customers, with 75% of revenue generated from existing customers, who showed strong sentiment in not just continuing but growing their involvement in Sri Lanka, which they view as a rapidly developing global technology hub.
The company celebrated the successes of 2019 and felicitated its people for their outstanding contributions throughout the year at a gala event held at the Kingsbury, Colombo earlier this month, at which 99X Technology Chairman Dag Honningsvåg was also present.
“We have always focused on a model of value addition through innovation at 99X Technology and this focus enabled us to achieve 50% year-on-year growth in 2019, despite the setbacks faced due to external factors,” noted 99X Technology Co-Founder and CEO Mano Sekaram. “Our customers have shown great confidence in continuing to do business with us and coupled with our plans to onboard new customers, we look forward to reaching greater heights in 2020.”
The revenue is predominantly generated from European markets, primarily Scandinavia, and the company is looking at increasing its footprint in the region even further, driven by its strong presence and customer success.
99X Technology also saw a 30% growth in employee strength in 2019 and this was reflected in an increase parallelly in infrastructure, with the company going on to occupy four floors at the Lee Hedges Tower in Colombo 3 – a 100% increase in space occupied from 2018.
Despite the 30% employee growth, retention of employees remains a key challenge as 99X Technology continues its phase of growth, due to the many opportunities available to skilled Lankan talent outside the country. The company continues to develop its open workplace culture to retain its people and keep attracting further top talent to its ranks.
At the threshold of this new decade, looking ahead, 99X Technology will focus on accelerating the execution of its growth strategy; continuing to build on the strength of its brand, and helping its customers build and create innovative products that will have impact in the global marketplace. The company will also continue to be a partner to its people and have an impact as they accomplish their dreams, and bring about positive impact to the communities in which they work and live.
Headquartered in Sri Lanka, 99X Technology takes pride in engineering its cutting-edge software products from its offices in Colombo. The company was adjudged one of Asia’s Best Workplaces for 2019 and is a regional leader in software product engineering and technology innovation. Its expertise has been proven through a 175+ portfolio of successful global software products developed since the year 2000, by partnering with leading Independent Software Vendors (ISVs) across Europe and Australasia. 99X Technology is ranked among Sri Lanka’s 100 Most Respected Entities by LMD Magazine and has been named a Best Workplace in the country for seven consecutive years.