Fortech Reports Results for 2018 & a Strong Start of 2019
05 June 201914 March 2019 | News
Fortech, a 700+ Deloitte and EY awarded software development company and tech partner to U.S. and West European businesses, announces results for the 2018 closing fiscal year and a strong start of 2019.
2018 marked a growth milestone for Fortech with a revenue of 28.5 mln Eur, registering a 24% Year-over-Year increase based on a reported 23 mln Eur for the same period last year.
2019 starts strong, with redesigned organizational structure, new leadership, expanded delivery centers in Romania, international expansion with an office planned for launch in the U.S., and an emblematic recognition from EY for Fortech’s entrepreneurial evolution.
The organization was ranked the 2nd most entrepreneurial Romanian software company in the prestigious EY business entrepreneurship competition. This complements Fortech’s repeated presence in the regional Deloitte Fast 50 Index, which celebrates the companies that shape the business landscape.
“Considering that Fortech is a team with 100% Romanian ownership, I’m very grateful for what we have accomplished in the last 15 years since we founded the business. The market context and our software outsourcing business model made us develop as an adaptive organization. We’ve learned to apply a <continuous improvement> framework in everything we do and this is what propelled us among the top Romanian software providers. Currently, we are engaged in a complex strategic exercise, seeking to move forward in a way that allows us to deliver added value to a larger client portfolio and opening new paths for organic growth”, said Calin Vaduva, Fortech’s CEO.
Fortech’s custom software development offering continues to drive demand. The number of clients who engaged with Fortech and acknowledged the benefits of the collaboration grew to almost 200 by the end of 2018. Fortech’s portfolio was enlarged with both repeated clients and newcomers. The U.S. accounts for 45% of the client distribution, while 55% comes from Western Europe.
Clients reported an increased focus on core business as a result of handing over software projects to Fortech, along with smooth scalability, operational efficiency boost, costs cutting and a higher level of engagement with their customers.
From a financial perspective, Fortech maintained a strong momentum, reaching to 28.5 mln Eur in revenues at the end of the year. This means a 24% Year-over-Year growth. Historically speaking, Fortech has enjoyed a positive trend, balancing cycles of intensive portfolio expansion with a focus on organizational redesign.
In the last two years, Fortech welcomed new leadership to support the evolution of a growing organization. In 2018, the company directed consistent investments to develop a robust leadership framework, including an accelerated leadership program, aiming at strengthening the teams’ capacity to manage constant change, while running the organization with a focus on client-centricity, speed of delivery and quality. The team’s goal is to accelerate Fortech’s evolution towards a full-fledged global tech powerhouse.
The organization reached a nationwide membership of 700+ people, as it expanded its operations in the remote delivery centers in Iasi and Oradea and established the base of a new office in Brasov, soon to be launched. With strong core teams and a cohesive structure appropriate for distributed work, the local offices in Iasi and Oradea grew with 30% compared to the previous year.
Fortech provides today a rich technology map with roots in all the major technologies and strengths in the major trending areas of applications. From embedded to cloud, desktop, web, or mobile, Fortech covers the entire spectrum of applications, along with the newest software architecture approaches. Through deep engineering and project management experience, the software teams deliver end-to-end projects that drive business change for their clients.
Additionally, the company pursued R&D in the latest tech advancements, such as PoCs or pilot projects which incorporate Big Data, AI, Cloud, Blockchain and Drones. The engineering teams at Fortech diversify and grow their knowledge base and skills while profoundly impacting our clients’ businesses with the projects they undertake.
By continually evolving to meet the diverse needs of customers, Fortech has significantly grown its suite of services. Advancing fast from exploration to practical insight, the company puts forward today capability to deliver Cloud services, including IT roadmaps, support for cloud migrations or application management. Fortech has gained experience with Rackspace, Microsoft Azure or Amazon Web Services.
As a new addition in the suite of Operational Tactics, the internal Project Management Office followed a healthy path and manages to nurture continuous optimization of the delivery practice within the organization. Fortech encourages the manifestation of an Agile mindset at the organizational level and project management methodologies that are appropriate for each client project, chosen based on the project’s complexity and clarity of requirements.
Over time, Fortech has continually sought to invest in supporting the start-up ecosystem. Last year alone, the company joined forces with 3 start-ups from the United States to help turn their ideas into software products. A partnership with Fortech provides access to a blend of technical expertise, business support and funding opportunities.