Digital transformation, AI, multi-cloud our focus areas: Noventiq Global VP

Noventiq (the brand name of Cyprus-registered Softline Holding plc) is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered and listed in London. The company enables, facilitates and accelerates digital transformation for its customers’ businesses, connecting 75,000+ organizations from all sectors with hundreds of best-in-class IT vendors, alongside its own services and solutions.

Noventiq is connecting several important organizations from all sectors with hundreds of best-in-class IT vendors, alongside its own services and solutions. The company is currently among the industry's fastest-growing businesses, with projected revenue of $1.1 billion in fiscal year 2021.

Noventiq has announced the acquisition of certain businesses in India, Turkey, and the UAE since the beginning of the 2022 calendar year, each of which specialises in a different area of digital transformation. The 3900 workers of Noventiq are spread across nearly 60 nations in Asia, Latin America, Eastern Europe and Africa, all of which have promising futures for expansion. In an exclusive interview to Bizz Buzz, Noventiq's Global VP of Sales and General Manager Vinod Nair said they are keen on consolidating their presence in India as it offers a huge potential for further growth. He said their current goal is to continue investing in India. “We are laying emphasis on digital transformation, multi-cloud, artificial intelligence and cybersecurity domains due to their promising future ahead which we believe will further strengthen our businesses,” he added.

India is a critical market for us, with immense potential of growth and currently our fastest growing subsidiary. As a leading solutions provider, our goal is to empower companies to concentrate on their core business, streamline their operations, and achieve growth by delivering the appropriate digital and cybersecurity solutions. As India undertakes giant strides in development and transforms itself, companies operating in India will see digital technologies as a catalyst that will help them embrace the growth. We believe that the Indian market has a strong inclination towards these solutions, and the demand for them will only continue to rise

Our current goal is to continue investing in India, for India. This is one of the largest markets where Noventiq is currently operating. We have acquired four companies in the last two years, and are very keen to continue with the great work of helping organisations transform and operate efficiently and securely in an increasingly digital economy. We aim to open new operations across the country and beyond. We are focusing on expanding our positioning through our three-dimensional growth strategy which is based on: Growing our geographical presence, our solutions and services portfolio and strengthening our sales channels

What is the mission and objective behind starting Noventiq?

Less than a year ago, we rebranded our organization from Softline to Noventiq, signifying our evolution and growth as a company. While the Softline name was powerful and meaningful three decades ago when software was at the forefront of technology, our focus today has shifted towards digital transformation, multi-cloud environments, cybersecurity and artificial intelligence. We chose the name Noventiq to represent our current business and future vision. The name is a combination of Novus, which stands for innovation, EN for entrepreneurial energy, T for technology and transformation, and IQ for intelligence and quality. Our company is driven by customer-centricity, innovation, and technology, and we pride ourselves on delivering high-quality services. Our mission and vision continue to drive us forward, and we are committed to achieving our business goals while staying true to our people and values.

How is the response from the Indian market? Do you see the market for such products increasing in India?

India is a critical market for us, with immense potential of growth and currently our fastest growing subsidiary. As a leading solutions provider, our goal is to empower companies to concentrate on their core business, streamline their operations, and achieve growth by delivering the appropriate digital and cybersecurity solutions. As India undertakes giant strides in development and transforms itself, companies operating in India will see digital technologies as a catalyst that will help them embrace the growth. We believe that the Indian market has a strong inclination towards these solutions, and the demand for them will only continue to rise.

By implementing the tech innovation of the company, how is Noventiq assisting its clients in achieving important business outcomes?

We believe that the twin objectives that companies in India will ride on would be relating to transformational growth and minimizing risk. Our solutions on transformation using digital technologies address workplace transformation which improve productivity and business transformation that improve customer retention and acquisition. Similarly, our solutions on minimizing risk use advanced cybersecurity software that use the power of cloud to be a step ahead of disruptive forces.

What are the challenges faced by your industry?

The IT industry has been on the forefront of change and with change comes a variety of challenges. There is a significant gap between the skills that are currently in demand in the IT industry and the skills possessed by the majority of the workforce in India. This has led to a shortage of skilled professionals and a need for increased investment in training and development. Even though some educational institutions in India provide IT-related courses, many of them do not offer hands-on training, which is essential to develop practical IT-focused skills. This makes it difficult for students to transition smoothly from academics to the workforce. Also, the technology landscape in general which is rapidly changing, and keeping up with the latest tools and technologies requires continuous learning and upskilling. Many IT professionals in India struggle to keep up with the latest trends and technologies, leading to a skill gap. The IT industry in India has traditionally been known for its cost competitiveness, but this is becoming increasingly challenging as labour costs rise and other countries such as the Philippines, Vietnam, and Mexico become more attractive destinations for IT services.

Any other kind of investment that you have planned to promote the brand?

At Noventiq, we are continuously reviewing opportunities for interesting investments and acquisitions if we see synergies with the existing business and options to increase scale at attractive valuations. The acquisition we have made and might make in the future need to have the purpose of reinforcing Noventiq’s global portfolio and presence in the countries where we need to expand and grow. We usually follow our three-dimensional strategy that they outlined at their IPO in 2021, which is based on expanding our geographical footprint, our business portfolio, and strengthening our sales channels.

What is the future focus of the brand?

Our current goal is to continue investing in India, for India. This is one of the largest markets where Noventiq is currently operating. We have acquired four companies in the last two years, and are very keen to continue with the great work of helping organisations transform and operate efficiently and securely in an increasingly digital economy. We aim to open new operations across the country and beyond. We are focusing on expanding our positioning through our three-dimensional growth strategy which is based on: Growing our geographical presence, our solutions and services portfolio and strengthening our sales channels.

What is your turnover and plans to increase it in the near future?

On November 29, 2022 Noventiq announced its results for the first half of FY22, and they indicated steady growth and progress. We registered a 44 per cent consistency in currency turnover growth and 67 per cent gross profit growth. Our core values lie in transformation and innovation, and it’s based on these that we run our business. We have been investing meticulously and transforming the business step by step at a rapid pace and large scale. Our plan is to make these innovations relevant to a larger section of the market by going industry specific. We are confident that assuming there are no major economic turbulence we should be on a steady growth track with our customers.