Warsaw, 25 February 2020

ITMAGINATION 2019 Financial Results – profits up by 88% with majority coming from international markets

ITMAGINATION, a Polish software house and IT services company, generated consolidated revenues of more than USD 22.8 million in 2019. Net profit amounted to more than USD 2.3 million an increase of 88% on the previous year. The increase in profit is largely a result of the company’s development on international markets, with revenue generated from customers outside of Poland accounting for almost 70%. This improved performanceon international markets represents a realization of the company’s long-term strategy.

After implementing a new strategy between 2018 and 2019, ITMAGINATION recorded a strong year. This is largely a result of a change in management and a decision to focus on the company’s development as a provider of services to fintech and technology companies on international markets. ITMAGINATION continues to be focused on building strong foundations that will allow it to confidently continue to pursue its strategy of international expansion.

One year ago, we anticipated that projects with companies based outside of Poland would account for around 70% of our revenue. Today, we can claim to have realized that ambition. We are proud that existing clients continue to work with us, and that we continue to extend and broaden the scope of collaboration with existing clients and add new projects to our portfolio. Notable achievements in 2019 include the commencement of work with international leaders in the automotive and finance sectors. Most of the companies that ITMAGINATION works with are large corporations, which attests to ITMAGINATION’s status as a solid, dependable partner. ITMAGINATION has been delivering high-quality, dependable solutions and services for more than 11 years. Thanks to recently secured contracts, 2020 figures to provide an abundance of healthy new challenges.

Daniel Arak, co-founder of ITMAGINATION and member of the company’s management board

In 2019, profitability increased significantly. This was achieved as a result of improvements to cost and operational efficiency. Teams at ITMAGINATION now work differently to how they have done in the past. Today, they make better use of each individual specialist’s skills and the company has implemented an ‘Innovation as a Service’ model. ITMAGINATION also elected to develop its remote work policy, which has enabled greater resources to be used for the remuneration of highly skilled experts.

As an innovative technology company, ITMAGINATION is focused on developing its cloud-based services. Cloud continues to be one of the dominant trends in IT, and the technology is being used by companies from a wide and diverse range of sectors. Among the core cloud services provided by ITMAGINATION are data migration and management services on the world’s leading cloud platforms – Microsoft Azure, Google Cloud Platform and AWS.

Since ITMAGINATION was founded, we have differentiated ourselves by being both effective and flexible. Today, ITMAGINATION employs around 450 specialists. We can consider ourselves to be a large organization, but we’re still motivated to demonstrate our agility and fresh perspective. Every year, we commit to reacting to and anticipating market trends and the expectations of our clients. If, for example, businesses view cloud as the future of business IT, we’ve already seen it and we’re waiting with ready solutions.

added Daniel Arak

At the start of 2020, ITMAGINATION completed the acquisition of Maise – a Krakow-based agency specialized in the design of mobile interfaces. As a result of this acquisition, ITMAGINATION will expand its portfolio of services, and clients will benefit from the highest quality of User Interface (UI) and User Experience (UX) services.

ITMAGINATION is a Polish software house and is among the most dynamically developing companies in the IT sector. ITMAGINATION specializes in developing custom software, Data Analytics and Business Intelligence solutions, and providing IT outsourcing services. ITMAGINATION works with companies all around the world and from a variety of different sectors, including finance, business, construction, energy and utilities, and technology.

ITMAGINATION supports its clients with their innovation agendas through the provision of custom software solutions, data analytics and outsourcing services. Founded in 2008, the company is one of the fastest-growing technology companies in Central Eastern Europe, as recognized by the Deloitte Fast 50 CE rankings and the Financial Times’ FT1000: Europe’s Fastest-Growing Companies.

ITMAGINATION specializes in services and solutions for banks, financial institutions and international companies from the e-commerce, construction, energy and utilities, and technology sectors. The company has successfully completed projects for more than 100 medium-sized and large companies from all around the world.

Media Contact:
Karol Pietrasiak
tel.: +48 512 817 166
email: press@itmagination.com