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Bangkok Post
Bangkok Post

Bluebik to list on stock exchange by 2025

Mr Pochara delivers a keynote speech at Bluebik Group's press conference held on Monday. He advised businesses to be 'digital-first' companies.

Bluebik Group, a MAI-listed digital transformation consulting firm, aims to list on the Stock Exchange of Thailand (SET) by 2025, when it expects its revenue to be four times the level recorded in 2022. The firm expects its overseas business to contribute half of total revenue by 2027.

"In 2023, the company will focus on growing its business by 120% to reach a new high of over 1 billion baht in revenue in line with the continuing demand for the digital transformation journey of organisations," said Pochara Arayakarnkul, chief executive of Bluebik.

"Digital transformation is a continuous journey, not a one-time event."

The rebound of the tourism sector has helped to boost the overall economy and encouraged retail, banking, manufacturing and other sectors to invest in technology, Mr Pochara said.

The company sees three high-spending areas by organisations: data analytics and artificial intelligence for decision-making and to minimise risk; cybersecurity to deal with the sophisticated techniques of hackers; and sustainability.

The company aims to list on the SET by 2025 and attract funds from institutional investors. The company's overseas business would also contribute to half of total revenue over the next five years, Mr Pochara said.

The company's inorganic growth can be assessed for the first time this year after it invested 1 billion baht in 2022 in joint ventures and M&A, including an investment in Vulcan Digital Delivery and Innoviz Solutions Co.

Moreover, Bluebik is considering opening a branch in the US as it sees outsourcing services such as programming gaining comparative advantage through its cost effectiveness.

It also has a branch in the UK to cover Europe, and branches in Vietnam and Hong Kong to expand its services, alongside a tech centre in India. In 2023, its overseas business is expected to contribute 10-15% of total revenue.

Mr Pochara urges businesses to be "digital-first" companies, which he sees as a global business trend and new opportunity for growth. By moving in this direction, organisations would be able to handle the dynamic economy, disruption, uncertainty and consumer behaviour of millennials and GenZ. These are the next generations with strong power in terms of consumption, he said.

In order to be a digital-first company, the capabilities that firms require include: super-apps that have core features and can collaborate with brands or businesses; augmented intelligence that combines AI, machine learning, deep learning, big data analytics, and human intelligence; and sustainable technology that serves the environmental, social, and governance (ESG) concept.

In 2022, Bluebik Group posted 979 million baht in revenue, of which 454 million baht was from Bluebik itself, with 157 million baht from joint ventures. It now has 800 tech talents from M&A, including its purchase of MFEC's delivery business. It had 70% revenue growth for five consecutive years and set a new record in terms of its highest profit with 100% growth in 2022.

"We will use strategies -- growth at scale for sustainable growth via M&A, joint ventures, and synergy among the group," said Mr Pochara.

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