San Sebastian consultancy and services specialist Ibermatica SA has plans to enter the South American market, where Chile, Argentina and Uruguay will be the initial target countries. Managing director Jose Luis Larrea told El Pais that the company was embarking on a clear phase of expansion and the first contacts had already been made with Spanish companies operating in South America, such as Telefonica de Espana SA and Banco Bilbao Vizcaya. Ibermatica began 25 years ago as an initiative of Telefonica de Espana SA and the savings bank Caja Municipal de Ahorros de San Sebastian. The company, which currently employs 715 staff and reported profits of $905,000 on revenue of $55.5m in 1995, has grown slowly but steadily and can boast active participation in a number of important European Community research projects. In December 1993, IBM Espana SA took Telefonica’s 39% stake in the company, and the remaining 61% is currently held by the savings bank Kutxa de Guizpuzcoa-San Sebastian (40 %) and three further savings banks. Besides its headquarters in San Sebastian, Ibermatica has operational centers in Bilbao, Vitoria, Burgos, Pamplona, Zaragoza, Madrid and Barcelona, plus a commercial centre in Seville. Approximately 25% of its revenue comes from the Basque Country. It is anticipated that IBM will increase its stake to 49% before long, but the savings banks are determined to maintain their majority share of the company. Ibermatica forecasts revenue of $61.4m for 1996, with up to $2.4m of profits, and it also plans to recruit a further 70 staff in the next few months.
