What: Cisco is aiming to double its revenues in Colombia within the next three years.
Why it matters: The company will invest in a new office in capital city Bogotá this year, which will include a floor exclusively dedicated to Cisco’s clients and partners. The investment highlights the important role Colombia is playing in the growth plans of multinantional companies.
US-based networking company Cisco is aiming to double its revenues in Colombia in its fiscal 2017 compared to fiscal 2014.
The company has been investing in more than 20 emerging markets, where it has made a US$500 million fund available to finance projects related to new business models. Colombia is within this group of markets.
According to the company’s newly appointed general manager for Colombia, Christian Onetto, the company is expecting to invest significantly in a new office in capital city Bogotá this year, which will include a floor exclusively dedicated to Cisco’s clients and partners.
To achieve this expansion, Cisco has identified key growth areas:
- Telecom operator’s vertical growth in the mid-market segment outside Bogotá. Growth opportunities among both fixed and mobile operators in Colombia, as both fixed and mobile broadband in the country remain low .
- Cisco is also aiming to work together with public sector entities in areas including broadband, as well as education, healthcare and defense.
- The firm also aims to boost its presence outside capital city Bogotá,as it has offices in Medellín and more than 300 partners in the country. It will try to take advantage of its strong partner and distribution network to boost growth outside the capital.
The company now has six distributors in Colombia and sees other opportunities in the mid-market segment outside Bogotá. For which is looking to grow sales of more recent additions to its product portfolio in Colombia, such as security, collaboration or datacenter solutions, as well as cloud services. Cisco doesn’t dismiss growth opportunities in other industry verticals, including the banking and oil and gas sectors, as well as retail.