Scottsdale, Arizona - 2022 was an interesting year for the technology industry. However, some companies are defying predictions and are achieving remarkable performance. Despite the tech layoffs, great resignation, and quiet quitting, Sonatafy Technology announced financial results for 2022, which were terrific.
Sonatafy Technology https://www.sonatafy.com/ is an elite custom software development firm that provides Nearshore support. The company has been doing exceptionally well, and 2022 announced another year of more than 100% growth.
More specifically, the software development firm increased its revenue by 124% from 2021. Such a year-on-year increase is becoming relatively rare in the tech industry. The massive increase in revenue was primarily due to a significant 60% increase in new clients, combined with solid growth in existing client relationships.
The new client growth and expansion of existing clients meant the company had to step up hiring. A dramatic increase in the firm's team was necessary to handle the rising demand for Sonatafy Technology services. Sonatafy had tremendous growth in Mexico, which led to expanding the company's LATAM efforts, with new hires in Colombia, Brazil, Uruguay, Chile, and Argentina. The expansion allowed the firm to benefit from additional technical solid labor markets from these Latin American countries. The majority of hiring was Senior level, English-speaking engineers from Latin America that specialize in modern cloud and mobile technologies.
Additionally, earlier in 2022, Sonatafy Technology secured the services of a CFO with significant public and private company experience. The CFO has been instrumental in helping the company into its next chapter of growth by providing expert corporate governance. The CFO's early contributions to Sonatafy Technology have resulted in better accounting, cost controls, financial reporting, and modeling. These aspects will have to improve further as the company grows larger and spreads to even more markets.
According to Steve Taplin, the CEO of Sonatafy, "Constant feedback we get from our clients is that our nearshore resources are outperforming their internal-based resources. We also continue to attract and retain incredible engineers that are attracted to our company culture."
Moving forward, the company remains highly optimistic about its prospects for continued growth. New markets that could benefit from Sonatafy Technology services await. Moreover, the needs entered in 2022 are yet to be fully exploited.
The company continues cultivating a large pipeline of client prospects and software developers to expand into new markets. Sonatafy Technology expects a revenue increase of at least 60% by 2023.
Sonatafy has also been developing an internal SaaS tool called Sonatafy Nexxus, which went into production in Q4 of 2022. The software enhances efficiencies in hiring, vetting, and qualifying engineers when matching them to client business requirements.