Gold in Commercial Software Vendors Mart Attracts Local Outsourcing Start Up Firm
Byline: edison d. ong
Barely three months in operation, a local five-month old software applications firm is digging for gold, never mind if just a speck. Something many companies dream of.
When successful during the next five years, it expects to realize at least $ 5 million in annual revenues and have 20 simultaneous client engagements from commercial software vendors in North America, Europe, and the Asia Pacific region.
Citing statistics, the WebworksOutsour-cingServices (Webworks OS) shared, ?In 2002, the business applications software market generated $ 65 billion in annual revenues. Given a conservative assumption that the commercial software vendors in this space spend an average of five percent of their revenues on R&D personnel; this would indicate $ 3.25 billion in global spending on software development services.?
Webworks OS aims to capture just 0.015 % of this current global spending by commercial software vendors on business applications development, the capitalists said in a press information given to the local IT press during a press briefing.
Joey Gurango and Gary Fox are the principal shareholders and officers of Webworks OS. The company?s operating budget for its first year is 20 million pesos.
Gurango, the CEO of Webworks OS, retired from Microsoft Business Solutions as the managing director of their Philippine research and development facility. He joined MBS (formerly Great Plains Software) after his company (Match Data Systems) was acquired by the former in 1999.
Gary Fox, US Director and Secretary/Treasurer of Webworks OS, for the past 20 years, has been engaged as a turn-around specialist, transitioning emerging companies to sustained profitability and structuring favorable shareholder liquidity. As president of Match Data Systems USA, he negotiated the company?s merger with Great Plains Software.
Webworks OS was incorporated in the state of Washington USA in January 2003. It is being privately funded by a small group of American and Filipino ?angel? investors. The firm?s operations were established in the Philippines in April 2003 with offices located in Quezon City. It currently employs 21 team members and expects to provide employment for over 200 Filipino team members in the coming years.
It is currently focused on three key objectives:
One. Complete a ?pilot? project to showcase the company?s proprietary software development methodology by October 2003. This effort is already underway, with a project staff composed of 10 university interns led by four former Microsoft senior software engineers. …