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Argentina IT Outsourcing Industry

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Argentina IT Outsourcing Industry Argentina IT Outsourcing Industry October 11, 2019 Table of Contents Section I: Software & IT Services Industry - Argentina » Market Size » Sector Snapshot » Outsourcing Stimulus » Outlook Section II: Abbreviated Company Profiles (Key Players) Section III: Private Company Profiles » Belatrix » Devartis » GlobalLogic Section IV: Public Company Profiles » Globant » Endava 2 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Section I: Software and IT Services Industry - Argentina Software and IT Services Market Size Argentina Software and IT Services market • According to Cámara de la Industria Argentina del Software (CESSI Argentina), the total annual sales of the Software and IT Services increased from ARS$9,476.0 mn ($2,541.0 mn) in 2009 to ARS$92,355.0 mn ($3,283.0 mn) in 2018 • Due to Peso devaluations, total sales measured in US dollars fell by 11.1% in 2014, 20.1% in 2016 and 14.4% in 2018, while in Pesos they had grown significantly in those same years (33.7%, 27.2% and 43.2% respectively) • Employment, in the sector, has increased by 47.8% between 2009 and 2018, at a cumulative annual rate of 4.4% 4,500.0 4,254.0 25.0% 4,002.0 4,153.0 3,837.0 4,000.0 3,619.0 3,692.0 20.0% 3,401.0 3,500.0 3,283.0 15.0% 3,016.0 10.0% 3,000.0 2,541.0 5.0% 2,500.0 0.0% 2,000.0 -5.0% 1,500.0 -10.0% 1,000.0 -15.0% 500.0 -20.0% 0.0 -25.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Annual Total Sales (US$ mn) YoY growth 100,000.0 92,355.0 50.0% 90,000.0 45.0% 80,000.0 40.0% 70,000.0 64,494.0 35.0% 60,000.0 30.0% 50,268.0 50,000.0 25.0% 39,525.0 40,000.0 20.0% 30,458.0 30,000.0 22,782.0 15.0% 18,287.0 20,000.0 14,980.0 10.0% 9,476.0 11,800.0 10,000.0 5.0% 0.0 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Annual Total Sales (ARS$ mn) YoY growth Source: CESSI Argentina Report Link 4 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Market Size (contd.) Argentina Software and IT Services outsourcing market • Income from abroad, which is an indicator of the outsourcing market size, grew from ARS$3,464.0 mn ($929.0 mn) in 2009, to ARS$47,855.0 mn ($1,701.0 mn) in 2018, at a CAGR of 7.0% • In 2009, income from abroad was ~36.6% of the total sales of the Software and IT Services market. In 2018, it became ~51.8% of the total sales • In 2016, Argentina’s outsourcing, or “near-shoring” sector had 105,000-115,000 full-time equivalent positions (FTEs) in global services • Argentina currently has over 3,600 IT firms and around 60.0% of these companies are in the capital, Buenos Aires, and, the remaining 40.0% are based in other provinces, mainly in Córdoba, San Luis and Santa Fe 2,000.0 1,838.0 40.0% 1,800.0 1,701.0 1,530.0 1,533.0 30.0% 1,600.0 1,476.0 1,459.0 1,328.0 20.0% 1,400.0 1,214.0 1,143.0 1,200.0 10.0% 1,000.0 929.0 800.0 0.0% 600.0 -10.0% 400.0 -20.0% 200.0 0.0 -30.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Income from Abroad ($ mn) YoY growth Source: CESSI Argentina Report Link ; Fortune Report, Link ; Argentina’s Software Industry is on the Rise Link 5 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector Participation of the different activities in Sales (2017-2018) • Custom software development and Sales of own products and related services segments contributed ~66.0% of the total sales of the sector in 2017-18 • Custom software development segment contributed ~58.0% of income from abroad, followed by Sales of own products and related services segment, which contributed ~20.0% of the total income from abroad • ~64.0% of the income from abroad was from multinational companies followed by ~24.0% contribution from large companies Total Sales Income from Abroad Income from Abroad 2.0% 1.0% 5.0% 4.0% 5.0% 6.0% 6.0% 6.0% 11.0% 10.0% 10.0% 10.0% 45.0% 45.0% 24.0% 13.0% 13.0% 58.0% 20.0% 64.0% 21.0% 21.0% Software Development SoftwareSoftware Development Development Multinationals Large Companies Sale of own products, solutions as services, and related services Sale of own products, solutions as services, and related services Sale of own products, solutions as services, and related services SMEs Public Agencies Sales of third party products and related services Sales of third party products and relatedTotal services Sales Sales of third party products and related services Resource provision (development, testing, IT operation, etc.) Resource provision (development, testing, IT operation, etc.) Resource provision (development, testing, IT operation, etc.) IT Support IT Support ITOthers Support (training, outsourcing etc.) Others (training, outsourcing etc.) Others (training, outsourcing etc.) Source: CESSI Argentina Report Link 6 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector (contd.) Main customers per vertical based in the total of Sales (2017-2018) • The Software & IT Services sales in 2017-18 was driven mostly by financial services (banks and insurers), software and telecommunication companies • The income from abroad was predominantly driven by the software and IT services vertical followed by banks in the financial services vertical • The 2018 App Economy report listed 40,150 jobs in Argentina app development, which is roughly ~35.0% of Argentine development projects • ~50.0% of Argentina app outsourcing projects was outsourced from United States and the United Kingdom 1.0% 3.0% 1.0% 1.0% 1.0% 2.0% 1.0% 2.0% Software and IT Services Financial Services - Banks 4.0% Financial Services - Banks 5.0% Software and IT Services 6.0% Trade 5.0% 26.0% Telecommunications 33.0% Telecommunications Financial Services - Insurers 5.0% 7.0% Entertainment and Media Trade 5.0% Transport and Logistics Public Administration 7.0% Manufacturing Industry 8.0% Entertainment and Media 12.0% Manufacturing Industry Construction 12.0% Energy 8.0% Energy 11.0% Health 25.0% Financial Services - Insurers 9.0% Transport and Logistics Others Total Sales Income from Abroad Source: CESSI Argentina Report Link, Argentina: Software Outsourcing and Top Nearshore Development Talent Report Link 7 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector (contd.) Participation in income from abroad according to destination of exports (2017-2018) • USA contributes to more than half (52.0%) of income from abroad • Far behind, are Chile (8.0%), Uruguay (6.0%) and Mexico (6.0%) • Together, all countries in the Latin America represent 35.0% of exports Oceania 0.1% Africa 0.1% Ecuador 0.1% Venezula 0.3% Paraguay 0.4% Canada 0.4% Bolivia 1.0% Asia 2.0% Brasil 3.0% Colombia 3.0% Central America 3.0% Spain 4.0% Rest of Europe 5.0% Peru 5.0% Uruguay 6.0% Mexico 6.0% Chile 8.0% USA 52.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Source: CESSI Argentina Report Link 8 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Customers Some Outsourcing firms in Argentina and their clients BairesDev Link Valtech Link Vates Link Globant Link 9 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Outsourcing Stimulus The growth of IT outsourcing industry in Argentina is driven by the following factors: ▪ According to the regional ranking of universities, 7 Argentine universities ranked among the top 50 in Latin America ▪ Argentina has developed a successful model that includes having its universities focus on teaching practical technology skills and has partnerships with governments to spur entrepreneurship ▪ The Global Human Capital Report 2017 stated that Argentina has the topmost rank (52) in the Latin Qualified Talent Pool America. Argentina topped the region due to the size and skill diversity of its young population in tertiary education. Coursera’s 2019 Global Skills Index ranked Argentina as a leader in cutting-edge technical skills. Specifically, Argentina exhibited strong talent in software engineering (100.0%), operating systems (95.0%) and HCI (76.0%) compared to its Latin American peers ▪ Argentina made its debut in the Bloomberg 2019 Innovation Index and is ranked 50, just behind Brazil (45) ▪ Under Argentina's Law No. 25,922 (Ley de Promoción de la Industria de Software), as amended by Law No. 26,692 and Decree No. 95/2018 (the "Software Promotion Law"), operating software firms in Argentina benefit from a 60.0% reduction in their corporate income tax rate (as applied to income from promoted software activities) and a tax credit of up to 70.0% of amounts paid for certain social security taxes Government Incentive (contributions) that may be offset against value-added tax liabilities ▪ Other initiatives like Plan 111Mil which is a government-sponsored program to train 100K developers by 2020, local start-up support including Startup Buenos Aires and IncuBAte, Entrepreneurs’ Law which is a pro-business law to reduce registration times and costs for entrepreneurs, are a boost to tech culture growth ▪ In addition to the training quality, multilingual skills is a key factor for foreign companies to work with Cultural Compatibility Argentinean companies.
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