New report from PwC and IDC ranks the best performing software companies from emerging markets
TmaxSoft Inc., a multinational technology innovator, has been named as a Top 30 Emerging Market Software Company reflecting its success in carving out a place in the global software industry from its roots in South Korea.
The ranking was compiled by PwC’s Technology Institute, in conjunction with International Data Corporation (IDC), and is based on a combination of year-to-year growth rate in software revenue, corporate financial statements, other public sources, and IDC estimates for privately held companies. Analyzing the success of these companies, the report finds that they often take advantage of certain structural and cultural factors in their emerging home countries to develop a winning edge in their market.
TmaxSoft was established in 1997 by Dr. Daeyeon Park, a former Professor at the Korea Advanced Institute of Science and Technology. Operating within the enterprise software market, its core focus is on redefining the infrastructure, with solutions for mainframe modernization, middleware, database management, as well as other technologies that provide enterprise CIOs with viable alternatives for driving digital business. TmaxSoft has significantly expanded its global presence and today has 12 offices around the world, with further expansion planned in the next few years. In October of this year, TmaxSoft also announced that its global headquarters are now based in the US, in Chicago, IL.
Commenting on TmaxSoft’s inclusion in the report, Joshua Yulish, CEO of TmaxSoft, said: “We are delighted to be recognized by PwC in this ranking, which highlights the fact that Silicon Valley doesn’t have a monopoly on technology innovation. While TmaxSoft is now based in Chicago, we take much inspiration from the business culture of our South Korean origins. South Korean companies have a tendency to put entrepreneurship at the heart of their approach and this often leads to the kind of calculated risk-taking and innovation that has catapulted organizations such as Samsung, Kia, and Hyundai onto the global stage. Our approach to enterprise software is rooted in this tradition; for example, we’ve taken on Oracle’s and other companies’ opaque licensing structures and countered with a transparent approach to offer a more flexible and cost-effective database management solution.”
According to the report, one of the prime advantages of emerging markets is that they often provide a large pool of tech-savvy and driven employees. Yulish believes that this is a key factor in TmaxSoft’s continued success. “South Korea has the highest broadband penetration of any country in the world and often finds itself at the top of indexes that measure innovation. TmaxSoft has been able to leverage the country’s talent base by fostering a strong research and development department, composed of hugely talented engineers who are capable of working autonomously to deliver innovative solutions.”
The report also found that many of these companies have a similar trajectory – starting off focused on serving the needs of their local markets and therefore becoming invaluable there before using this position as a beachhead to expand globally. This path is echoed by TmaxSoft, who enjoyed a 42.1 per cent share of the domestic middleware market as of 2014, and was reflected in its 2015 move to Chicago. Yulish comments: “We moved our headquarters to Chicago to reflect our global orientation. If you’re not capturing large economies like the United States, Europe, or even Brazil, you won’t ever be able to evolve into a global powerhouse.
“When I look at this ranking, what I see from all these companies is an ambitious, world-beating mentality combined with the ingenuity that comes from originating in an emerging market. Even our choice of Chicago for our headquarters is derived from this mindset – dodging the expense of the conventional tech options of Silicon Valley or New York, while still getting the benefits of the great talent base that’s found in Chicago. It’s very rewarding to see TmaxSoft among such names as Kaspersky Lab and Infosys, and this ranking from PwC vindicates all that we’ve been doing to develop and market world class software offerings,” Yulish concluded.
TmaxSoft is a global software innovator focused on infrastructure and data modernization, with solutions that offer enterprise CIOs viable alternatives to support their global IT powerhouses and drive competitive advantage. Tibero is the best enterprise RDBMS for the Virtual Data Center. Our licensing model allows enterprises to fully maximize their virtualization investment by only licensing the cores associated to a given VM, resulting in drastically lower TCO. OpenFrame is a legacy rehosting solution that enables mainframe applications, resources and data to be migrated to a less expensive, high performance open or cloud system while reducing TCO and minimizing risk of migration. JEUS is the first Web Application Server in the world to be J2EE 1.4, JAVA EE 5, and JAVA EE 6 Certified, and delivers improved security over traditional WAS. TmaxSoft was founded in 1997 in South Korea and today has over 800 employees in 12 strategic centers around the world. The company’s global headquarters is located in Chicago, IL, USA.