Bluechip Technologies, an African systems integrator company has announced its expansion into Europe.
The Nigeria-based company has said that the strategic expansion positions it as a “new competitive entrant in the EU market offering data warehousing and analytics products as well as highly experienced senior data engineers from its Nigeria team as consultants for European firms.”
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BlueChip Technologies is a leading business application firm focused exclusively on assisting organizations in planning, designing, implementing, and operating business application solutions and strategies central to creating and maintaining a competitive business advantage. The company provides data warehousing solutions and enterprise applications to banks, Fintechs, telcos and insurance firms.
Journey So Far
Bluechip Technologies was launched in 2008 by Kazeem Tewogbade, a Data Architect with over 20 years experience in the information technology industry and Olumide Soyombo, one of Nigeria’s high-profile angel investors who launched Voltron Capital in 2021.
They got an equity deal for 50% of the company, with a share buyback agreement from Soyombo’s father who invested ₦5 million ($30,000). They went on to build a multi-million dollar business.
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The company has grown from having two employees to employing over 70 consultants, and has expanded into other African countries like Kenya, DRC Congo, Zambia and Ghana.
Bluechip has partnered with companies like Oracle, Microsoft, and several banks, building data warehouses and providing business intelligence solutions. Telcos also use its simplex voucher management system to create airtime vouchers. The company has implemented solutions for several establishments, including Etisalat Nigeria, MTN Zambia, Airtel Nigeria, Multi-links Telkom, 9Mobile, UAC, NNPC, NDIC, Lafarge, First Bank, GTBank and Access Bank Plc.
Bluechip’s growth over the past decade has almost mirrored the development of the African tech ecosystem and similar businesses in the same time frame despite the company not being venture-backed.
Though the space has been competitive, Soyombo notes that referrals have played a massive role in Bluechip technologies’ growth. “Referrals are the building blocks for success in the B2B world. For example, we deliver a data warehouse in bank A, when the chief information officer leaves and there goes to bank B, he remembers that we delivered a project successfully for him and he reaches out to us. The price of failure in enterprise startups is high. If you fail on a large project, you’re out. So everyone tries to rely on a vendor who can deliver consistently.”
Bluechip Technologies also trains young data professionals with its recently launched Primo Academy, a six-month diploma program designed to equip aspiring data professionals with the required skills to kickstart their careers in the data and emerging technologies industry.
Bluechip Technologies’ Prospect In Europe
According to Soyombo, the post-pandemic trend in remote working, a critical shortage of tech talent and an increase in demand for managing data more efficiently present a great opportunity for his company to deliver specialized services in Europe. It is worthy of note that recent research has projected the region’s big data and business analytics market size to hit $105 billion+ by 2027.
Bluechip Technologies has partnered with international OEMs to deliver a range of enterprise tech infrastructure solutions in the African market, intends to do the same in Europe and plans to target the telco and banking sector from its Ireland base.
Soyombo states, “We built this core enterprise business application for banks, telcos, and the talent pool to address these needs. The whole play here is to be that systems integrator provider to the EU market. The pandemic has accelerated the need for that global flat workspace, and how to place those engineers while working with our partners like Oracle and Microsoft to do this cheaper than India or Eastern Europe”.
The Company’s Scope Of Operation In Europe
Richard Lewis will lead the European expansion as CEO of Bluechip EU Subsidiary. He was the CEO of Business Logic Systems, a Bluechip partner based in the U.K. His experience will prove vital in placing Bluechip’s data engineers and IP-packaged products (including its newly launched customer data management and cash management solutions) with European partners.
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“Richard has a good feel of the market. He has seen some of the initial requirements from customers that can make him say, “hey, if this is how what you’re paying for a developer in India, we can give you an equally quality developer for 20-30% less this price. And that’s the target that we’re pursuing,” Soyombo said.
Bluechip intends to leverage its excellent business model to become an iconic multinational information technology services and consulting company like India’s Tata Consulting and Tech Mahindra. “We want to try it out on the EU market and see how it works. The plan is also to expand further elsewhere like French-speaking Africa and possibly North America,” said Soyombo, the co-founder and investor.
In 2014, the company clocked about $5 million in revenue. In 2021, it generated almost $50 million. With its pan-African and global expansion plans, Soyombo predicts that the company’s revenues might hit $250 million in five years.