CodeBit, a company specializing in the creation of new technologies, grew 35% this year, exceeding the initial expectation of 24% and the national average. According to the consulting firm IDC, the Brazilian technology market is expected to end 2024 with 12% growth. The company's strong performance is due to the launch of a new product for Generative Artificial Intelligence and the internationalization of its operations, which began in 2023. The perspective is to continue expanding the business with investments of around R$ 1.2 million and the creation of new jobs.
Based in the interior of São Paulo, CodeBit's office has over 70 employees. The goal is to increase that number to 100 by next year. "Our growth is heavily dependent on the growth and structuring of our teams and people," emphasizes CEO Heitor Cunha. "It's extremely risky to predict aggressive growth, as it involves governance, talent retention, organizational control, culture management, among other aspects," he points out.
Therefore, he explains that the company invests in continuous training for its team. Of the total R$1.2 million invested, R$730,000 was allocated to employee training, equivalent to 5,000 hours of training.
According to Cunha, expansion without planning can lead to undesirable effects. "Very aggressive growth could result in a drop in the quality of deliveries, and that's something we won't compromise on. Growing steadily, but with solidity and awareness, is more important to us than growing in absolute numbers."
A keen eye on market demands
The result, exceeding both the company's own expectations and the national market estimate, reflects the response to growing demands for innovative solutions. The McKinsey study, " The state of AI in early 2024: Gen AI adoption spikes and starts to generate value ," reveals that 72% of companies showed interest in using Artificial Intelligence (AI) this year, a significant increase compared to the 55% recorded in 2023.
This year, CodeBit developed CodeRAG , a solution that aims to facilitate the implementation of generative AI. It allows for the generation of knowledge and critical analysis from a specific database that can consist of texts, images, audio, or videos. Through the knowledge learned, the solution allows for analysis, answering questions, and reviewing documents. "This product, despite being new, has shown great potential and is supporting the diversification of our portfolio," highlights Cunha.
Other solutions have also met the growing demand for innovation. “We’ve seen significant growth with CodeCell , a product responsible for assembling hybrid development and cloud infrastructure management cells, with teams working together, both from clients and ourselves. This reduces governance risk, as the client doesn’t become dependent on individuals, allows for seasonal project monitoring, and generates a lot of flexibility in costs and accounting,” he reports.
According to Cunha, the CloudOps Review – responsible for reviewing cloud architectures based on the pillars of security, performance, availability, and cost control – would complete the main products responsible for CodeBit's growth.
The expectation is that new products will be developed in parallel with the consolidation of existing ones. “Technology never stops. Launching products is important, as is maturing them and making them increasingly aligned with needs. The most important thing is to never stop, always testing new things, strategies, and quickly changing course when necessary. We will continue to follow this strategy.”
New markets
CodeBit's internationalization of operations began in 2023 with expansion into the United States, a market that has proven to be quite profitable, as various surveys show.
Data from LSEG Datastream reveals that the profitability of the technology sector in the country doubled in 2023 compared to the previous year. In 2024, it has been the main driver of the positive performance of stock indices, as shown by the results of the S&P 500 stock exchange.
Conquering this market means opening many doors. “The AWS marketplace gives us the possibility to serve globally. Customers can hire us in the same way they hire cloud services, which eliminates several bureaucratic barriers,” explains Cunha.
The plans from now on include consolidating internationalization. "Within the expansion strategies of the commercial and marketing areas is the possibility of setting up a commercial office to strengthen relationships with potential clients."
The possibility of entering new markets is also a matter for the future. "We don't have a specific focus on other countries, although that possibility is not ruled out."
