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. 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.
Headquartered in Sri Lanka, 99X Technology takes pride in engineering its cutting-edge software products from its offices in Colombo.
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