Company strengthens position as number one vendor in the global Revenue Assurance and Fraud Management software market
Lisbon / London / Washington – March 20th, 2014 – WeDo Technologies today announced that its revenues grew 12 per cent in 2013 to 61.5 million euros (approximately 83 million USD) making it the company’s best year to date. The announcement puts WeDo Technologies in good stead to further strengthen its market leading position having been named the market share leader in Revenue Assurance (RA) and Fraud Management (FM) solutions to telecoms operators worldwide by a key market research company in March 2013 – ‘Market Share: Telecom Operations Management Systems (BSS, OSS and SDP), Worldwide, 2011-2012’.
Further to the reported revenue growth, EBITDA also grew 36 per cent to 11.8 million euros (16 million USD), corresponding to an EBITDA margin of 20 per cent. The team also obtained 20 new customers in five new countries and signed global agreements with two new major telecommunications groups. WeDo Technologies subsequently ended 2013 with over 200 customers across 90 countries in five continents.
“With a major software release in RAID 7 and continued expansion across new countries and industries, 2013 was a big year for us,” said Fernando Videira, CFO of WeDo Technologies. “This level of continued innovation, top line growth, as well as sustainable EBITDA growth, is evidence that WeDo will continue to gain market share and to be the biggest and most robust player in Revenue Assurance and Fraud Management software in the world. With the ongoing dedication of our team and trust and support of our customers, shareholders and partners, WeDo will strive to achieve or even exceed its aim to become a $100 million company by 2015.”
WeDo Technologies kicked off its record-breaking year with the latest major release of its integrated RA & FM software RAID 7. Built for flexibility, easy-to-use interface and now advanced fraud detection in RAID:FMS 7, the product has already generated remarkably positive feedback. The company has experienced particular success in Southern Europe, Middle East and Africa where growth is well above average for the telecoms industry; 34 per cent in orders and 15 per cent in revenues.
In addition to its work in telecoms, WeDo Technologies has continued to expand its footprint in vertical industries with the number of customers outside the telecoms space reaching 31. As a result, orders and revenues have grown by 71 per cent and 19 per cent respectively in the retail, energy and finance industries.