Canadian Technology Solutions Provider Outperforms Both Industry and Economy
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- $774M in revenues for 2022, growing over $100M and 17% YoY
- Record revenues in products, software, and services
- Continued growth in finance, retail, energy, and public sector verticals
(Richmond Hill, ON): Compugen Inc, one of Canada’s largest privately owned technology solutions providers, has wrapped up another record year with the announcement of its 2022 business results. Beating the previous year’s figures, the company posted $774 million in total revenues throughout 2022, bucking market trends within the technology industry and the larger national economy. The revenue tally reflects a growth of 17%, touting $100 million more than in 2021 through organic growth.
Compugen’s various business segments supported the increase in revenues: software (up 34%), product (up 13%), professional services (up 28%), and technical services (up 14%). In the same period, Networking and Security, Datacentre and Cloud, and Modern Workspace jumped 26%. The fastest-growing industry for Compugen was energy and mining, which posted a 40% increase over the previous period, followed by finance (16%), retail (15%), and public sector (10%). The company also delivered a record number of edge devices in 2022 at more than 360,000 units, with tablets and point-of-sale units representing the biggest growth as more and more retailers embraced the market push for modernization.
Each of Compugen’s key markets across Canada contributed to the success as a result of the growth initiative launched by the executive leadership team at the beginning of 2022. Following the creation of the offices of the COO and CSMO at the tail end of 2021, Compugen’s leadership set to work on a number of organizational efforts, including unifying services support and delivery, as well as expanding the configuration centers in both Richmond Hill and Calgary. Staying in tune with the market’s ever-evolving needs, Compugen, together with their partner ecosystem, engineered compelling offers in Hybrid IT, Modern Workspace, and Security to aid customers with challenges around technology selection, adoption, and support.
In 2023, the company will align its strategy with anticipated movements in the global IT industry to further expand its share in the Canadian market. By 2024, the national IT market will grow four times as fast as the country’s GDP, according to IDC’s Black Book. The industry report predicts software spending to lead the charge as it eclipses hardware sales for the first time from 28% to 32% in 2025. The PC market has mellowed from the pandemic boom but is still logging shipment activity well above 2019 levels. The second half of 2023 will introduce another spike as end of support for Windows 10 dawns and refresh cycles from 2020 purchases begin.
“2022 was a remarkable year for Compugen as we continued to hone our mission to help organizations realize new possibilities,” comments Terry Mirza, Compugen CSMO. He continues, “the growth in our business is a testament to the culture and people who are all driven to make a difference. As we look forward to 2023, I’m positive we will continue to do right by our customers, continue to foster our partner network, and deliver with speed and quality.”
To facilitate further growth, Compugen will focus on developing its already strong talent pool, many of whom are recognized as IT industry experts. “Our success is based on the quality and capabilities of our staff. To help our teams flourish, we’re ensuring solid career paths and growth opportunities are available across a wide range of jobs and roles within Compugen. Our continued investments in talent development, recognition, and appreciation will echo this sentiment,” President and CEO Harry Zarek explained
Amid these positive results, the company has also pledged to strengthen its corporate citizenship by ramping up community-building initiatives in many cities across Canada. Compugen serves local communities through longstanding relationships with non-profits, including The Snowsuit Fund, Moisson Montreal, Canuck Place Children’s Hospice, and various food banks. The organization is strengthening its ties with the Indigenous community working closely with FoxWise Technologies on furthering digital enablement and expanding opportunities. Compugen’s award-winning Green4Good program processed almost 100,000 assets – and over 96% were refurbished, with the remainder disposed of in an environmentally sustainable process.
“We at Compugen are collaborative at the core, and every year we take the opportunity to learn and calibrate our operations based on what the market and, specifically, our customers need. Every day, we put our values of curiosity and collaboration to work to continue elevating the customer experience through solutions that drive business innovation. This year will be yet another exciting one for all of us at Compugen, and we look forward to rising to any challenges that may come our way,” Harry concluded.
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