InnoWave expects to reach €26 million in revenue, boosted by the US market.
With a management team already established in the United States, this region is expected to account for 27% of the Portuguese tech company’s total revenue.
Founded in 2008, InnoWave has grown from a team of eight people into an international group with nearly 500 employees and offices in Portugal, the United Kingdom, Belgium, the United States of America, and India. The company offers specialised services in the areas of software development, data intelligence & AI, quality assurance, cybersecurity & cloud.
“We played an active role in the wave of innovation that took place in the TV and Media sector, working with several leading global operators. We’ve innovated and continue to innovate in the areas of mobile payments and IoT. More recently, we’ve been implementing GenAI solutions applied to incident management, call centre support, and employee support, for clients in the Telecommunications and Energy sectors,” says Tiago Gonçalves, CEO of InnoWave, to Jornal Económico.
In 2024, InnoWave recorded €22 million in revenue, 60% of which came from outside Portugal, driven by projects in the telecommunications, financial services, and energy sectors. For this year, the tech company aims to achieve total global revenue of €26 million, spurred by more significant growth in the United States market. With a management team already in place in the country, this region is expected to contribute 27% of InnoWave’s total revenue in 2025.
“The difficulties experienced in recent years that have affected the telecommunications sector have been our biggest challenge. This has led us to accelerate our presence in the Financial Services Industry (FSI) and Energy sectors to help offset those challenges — which we’ve been successfully doing,” adds Tiago Gonçalves.
Through its new NEXT strategy, the Portuguese tech company aims to reach €50 million in revenue by 2028. Launched this year, the strategy is designed to accelerate the adoption of artificial intelligence within the company by strengthening internal capabilities, optimising processes, and fostering an innovation ecosystem.
“In the past two years, the technology industry has gone through significant disruptions that directly impacted our business. We had already been investing in AI initiatives for some time, but the emergence of Generative AI accelerated this transformation. A year ago, we began assessing the impact of this revolution on InnoWave and recognised the need for a structural change in our business model,” concludes Tiago Gonçalves, CEO of InnoWave.
