German Group reinforces its presence in Portugal and expects to increase billings to €2 million in 2015.
The German group msg chose Portugal to install an innovation center to develop solutions to the distribution of insurances worldwide.
The Iberian Director of msg life, Jorge Miranda, explained to Lusa that the company “creates and developes worldwide technological solutions, mainly to the US and German markets.
msg life has been growing at a rate of 75% a year, and is expected to reach a turnover of 1.2 million euros in 2014 and 2 million in 2015.
“The markets covered by msg life – Portugal and Spain – are expected to contribute with €400 thousand euros in 2014”, mentioned Miranda.
“We reached a maturity stage that is going to allow us to proceed with the development of new markets. In addition, with the Innovation Center located in Portugal, makes all the sense to take advantage of the existing competences and skills” adding that “this is the right moment to start developing the Iberian market.”
The company established a business development team of 25 people to cover both Portugal and Spain.
“Still, the plan is to reach the 40 people in a near future; growth could even be bigger should some projects being negotiated in the US get closed” he added.
Founded 34 years ago, the German group supplies consulting services and software to the insurance industry in 30 countries, to more than 100 clients.