News & Activities 24 January 2023

BBIK expects its 2023 revenue to exceed B1bn

Bluebik expects more than 1 billion baht in its 2023 revenue with a 600-million-baht backlog while strengthening its leadership in digital transformation consulting with a total of 800 tech talents after a major acquisition

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation, is about to unveil Bluebik Vulcan Company Limited to supervise its Digital Delivery business unit after its board of directors approved the acquisition of the business unit from MFEC Public Company Limited (MFEC) in December last year. The acquisition process and the establishment of Bluebik Vulcan will be completed within the first quarter of 2023 and consequently BBIK will have about 800 tech talents. The acquisition shows BBIK’s continuous and comprehensive development of its services that is supporting the expansion of its local and overseas business as the company had a revenue backlog of about 600 million baht at the end of 2022.

Regarding the growth of its workforce from the acquisition, BBIK is confident that its revenue will soar by more than two times and exceed 1 billion baht in 2023. Bluebik Vulcan will generate about 300 million baht or a quarter of BBIK’s anticipated revenue and BBIK’s revenue from technology consulting and development for organizations – Digital Excellence & Delivery (DX) which is the group’s main revenue source – will account for 65% of the total money it will generate this year, up from 50% in 2022.

BBIK Chief Executive Officer Pochara Arayakarnkul said the combination of DX teams from BBIK and Bluebik Vulcan is the key driver that will realize the planned growth of BBIK. Both sides will introduce their services to each other’s clients. Being among the companies with the largest teams of software developers and relevant personnel, BBIK will be able to offer its services to the medium-sized organizations which increasingly demand digital transformation. This market has not attracted many consultancies yet and, therefore, is an interesting blue ocean with potential.

“DX experts are the engine of digital transformation consulting. The increase in DX personnel will remove service limitations and result in the expansion of services to groups of clients vertically and horizontally. So, we strongly believe that from now on the company will grow with stability and strengths,” Mr. Pochara said.

The expertise of technology and application developers at Bluebik Vulcan covers the following areas:

1) application programming interface management (API management) and deployment management

2) the development and systems of information technology and applications according to the Software Development Life Cycle standard, including banking solutions, mobile application platforms, LINE Business Connect, big data and analytics, automation, blockchain and API gateways

3) the design of websites, applications and basic functions (UX/UI design)

4) software quality assurance.

The combination of BBIK’s strengths in end-to-end digital transformation consulting and the service quality of Bluebik Vulcan which has leading organizations in financial, communication and energy sectors as its main client bases will promote teamwork with world-class partners such as Microsoft Salesforce and Google. Opportunities for mutual growth will arise through the application of new technologies and innovations that meet business trends and support clients in becoming digital-first organizations.

“Apart from its strengths based on expanded services, the company also plans to open Bluebik Technology Center (Vietnam) after establishing Bluebik Technology Center in India last year. The new center will introduce knowledge about innovations and technologies to produce the IT experts who will support business expansion in Vietnam. As the company is benefiting from an 8-year corporate income tax exemption (approved by the Board of Investment), its net profit margin will rise. Given the positive factors, Bluebik will certainly grow exponentially as planned,” Mr. Pochara concluded.