Uruguay's Nearsure expects double-digit revenue growth this year

Uruguayan tech firm Nearsure expects to grow its revenues more than 30% this year, chief capacity officer Agustín Sedano told BNamericas. 

The company posted revenues of US$37.5mn in 2023. Nearsure offers staff augmentation services and generative AI, cloud migration, CRM solutions, data analytics, business intelligence and customer experience solutions, as well as Salesforce, Microsoft Dynamics and Adobe.

The main expansion plan for this year is focused on the European market. "We already have teams working there and there are very interesting projects. For sure, we will have news about this soon," said Sedano.

Currently, 95% of revenue comes from the US market. In Latin America, the firm employs around 600 people in 17 countries, and has offices in Uruguay, Brazil and Colombia. 

“In our future vision, we have the goal of expanding globally, expanding our businesses in Latin America,” he said.

Globally, Nearsure plans to invest US$15mn this year. All the expansion has been organic so far, but Sedano does not rule out outside investments in the future to fuel the company’s growth.

According to data from consulting firm IDC, more than 30% of companies in Latin America expect to maintain their investments in new technologies during the next 12 months, while around 25% plan to accelerate such investments.

One of the biggest growth areas for Nearsure is companies incorporating AI into their operations, said Sedano.

CHALLENGES

“The main challenge has to do with the fact that Latin America is still characterized by a large technological gap and difficulty in accessing technology, which hinders the training of staff and the search for and retention of the best talent,” he said.

To address this problem, the company teamed up with NGO Media Chicas in 2023 to offer tech-focused scholarships for 200 women in Latin America. This year, the company plans to offer another 200 scholarships.

Sedano also sees cybersecurity as a major challenge due to the growth of attacks.

“These challenges, which are part of the technological revolution, demand employees with great capacity to be flexible and adapt to interdisciplinary collaboration in order to face emerging challenges in a constantly changing work environment,” he said.