New report from PwC and IDC ranks the best performing software companies from emerging markets
TmaxSoft has been named as a Top 30 Emerging Market Software Company reflecting our success in carving out a place in the global software industry from our roots in South Korea.
The ranking was compiled by PwC’s Technology Institute, in conjunction with International Data Corporation (IDC), and is based on a combination of year-to-year growth rate in software revenue, corporate financial statements, other public sources, and IDC estimates for privately held companies. Analyzing the success of these companies, the report finds that they often take advantage of certain structural and cultural factors in their emerging home countries to develop a winning edge in their market.
We are delighted to be recognized by PwC in this ranking, which highlights the fact that Silicon Valley doesn’t have a monopoly on technology innovation. While TmaxSoft is now based in Chicago, we take much inspiration from the business culture of our South Korean origins. South Korean companies have a tendency to put entrepreneurship at the heart of their approach and this often leads to the kind of calculated risk-taking and innovation that has catapulted organizations such as Samsung, Kia, and Hyundai onto the global stage. Our approach to enterprise software is rooted in this tradition; for example, we’ve taken on Oracle’s and other companies’ opaque licensing structures and countered with a transparent approach to offer a more flexible and cost-effective database management solution.
According to the report, one of the prime advantages of emerging markets is that they often provide a large pool of tech-savvy and driven employees. Indeed, South Korea has the highest broadband penetration of any country in the world and often finds itself at the top of indexes that measure innovation. We have been able to leverage the country’s talent base by fostering a strong research and development department, composed of hugely talented engineers who are capable of working autonomously to deliver innovative solutions.
The report also found that many of these companies have a similar trajectory – starting off focused on serving the needs of their local markets and therefore becoming invaluable there before using this position as a beachhead to expand globally. Our 2015 move to Chicago reflects this, coming off the back of a 42.1 per cent share of the South Korean middleware market as of 2014. We moved our headquarters to Chicago to reflect our global orientation. If you’re not capturing large economies like the United States, Europe, or even Brazil, you won’t ever be able to evolve into a global powerhouse.
Joshua Yulish, Global CEO of TmaxSoft, commented on the ranking: “When I look at this ranking, what I see from all these companies is an ambitious, world-beating mentality combined with the ingenuity that comes from originating in an emerging market. Even our choice of Chicago for our headquarters is derived from this mindset – dodging the expense of the conventional tech options of Silicon Valley or New York, while still getting the benefits of the great talent base that’s found in Chicago. It’s very rewarding to see TmaxSoft among such names as Kaspersky Lab and Infosys, and this ranking from PwC vindicates all that we’ve been doing to develop and market world class software offerings.”|
To read PwC’s “Top 30 Emerging Software Companies” report in its entirety, please visit: http://www.pwc.com/gx/en/industries/technology/publications/global-100-software-leaders/emerging-markets.html