Despite the Pandemic, IT Companies Experience Growth Across All Business Segments

ICT Cortex – the cluster for information technology, innovation, education, design, and technological development of Montenegro, has analyzed the business results of the 30 most successful IT companies in the country. The ranking criterion was based on the revenue generated in 2020.

The total revenue of the top 30 IT companies in 2020 amounted to €56,256,439, marking an 18% increase compared to the previous year. Moreover, the total profit doubled compared to 2019, reaching €10,916,675.

A particular focus was placed on the 10 founding members of ICT Cortex: Alicorn, Amplitudo, Bild Studio, Codeus, Codingo, Coinis, Data Design, Fleka, Logate, and Oykos Development, all of which successfully ended the business year with growth across all segments.

Members of the ICT cluster recorded a 25% revenue increase, with 79.12% of total revenue coming from exports, amounting to €12,183,955.99.

“The IT sector has so far successfully withstood the crisis caused by the COVID-19 pandemic. Our goal is to create conditions for the IT sector to become the backbone of Montenegro’s future development and a strong economic industry that will produce leading export products. We are proud of the business results achieved by our founding members, and we are especially pleased to see that IT exports increased by nearly 30% in 2020. The results of this analysis confirm that IT is a promising and export-oriented sector, and further investment in IT can certainly boost the recovery and strengthening of the entire economy,” said Tanja Dukić, Marketing Director at ICT Cortex.

The number of employees in the 30 most successful IT companies in Montenegro in 2020 was 704, with 278 employees working in the founding members of ICT Cortex, which plan to create over 100 new jobs by the end of 2021.

“IT companies have increased their workforce compared to 2019, and the growth trend is expected to continue this year, as companies require additional talent. As an inclusive organization, our goal is to unite the IT community and collectively achieve an increase in the number of employees as well as the necessary skills for IT sector development, ultimately reducing the brain drain from Montenegro,” added Dukić.

Expectations for 2021 are highly optimistic. According to a survey conducted by the ICT Cortex executive office among founding members, revenue growth is projected at around 30%, with 80% of it expected to be generated from international projects.

ICT Cortex is an association that brings together the innovative IT community, aiming to lead the digital transformation of the economy and public administration, as well as to enhance the framework and ecosystem necessary for providing digital innovation in industry and education.

“The cluster currently has 11 members, and we are pleased that many IT companies have already expressed interest in joining the ICT Cortex family. We invite all interested companies and organizations to become part of our network, and they can submit a membership request via email at [email protected],” concluded ICT Cortex representatives.