Indian cos dance to Latino beats
Mumbai, June 07, 2009 – Indian companies are trying to expand in the Latin American markets that continue to grow despite the global economic slowdown.
Ybrant Digital, a provider of digital marketing solutions, has announced the acquisition of Dream Ad, a company with strong regional presence in Argentina, Chile, Uruguay and Mexico.
IT training solutions provider Aptech is betting big on the huge Brazilian market. Aptech has entered into a joint venture with the Falgo group to set up 50 IT training centres in the next three years in Brazil.
“Latin America is experiencing good economic growth. The online marketing sector is growing at a rate of 20 per cent every year.” chairman of Ybrant Digital Suresh Reddy said.
Apart from Brazil, countries such as Argentina. Chile, Mexico and Uruguay offer good growth potential. Argentina is a $2.5 billion advertising market with $70 million in online spend. Chile is a $900 million advertising market.
There is a huge response to US websites from the Latin American countries and to tap this market, his company is strengthening the physical network.
Aptech has invested about $1 million to acquire 51 per cent stake in the Falgo Group in Brazil.
Ninad Karpe. CEO and MD of Aptech said that Brazil is the largest IT market in Latin America. “It is projected to grow at a CAGR of 11 per cent over the 2008-2013 period. Government spending is expected to be about $23 billion by 2013 “he said.
Brazilian software and services industry is expected to generate one lakh jobs and an additional $1 billion in revenues by 2010. The government is expected to sign an agreement with reputed institutes to train 10,000 IT programmers in 2009 to help achieve these goals. “It creates huge opportunities for us to expand.” he added.