Design software developer aims at top 5 spot
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ZWCAD Software Co, a local design software developer, forecasts that it will be one of the world's five largest three-dimension (3D) software products providers within the next five to 10 years, following the acquisition of its American peer early this year.
In July, ZWCAD completed its 100 percent acquisition of VX Corp, which focuses on 3D CAD/CAM (computer-aided design/computer-aided manufacturing) products, for more than $10 million, said Liu Yufeng, executive deputy general manager of ZWCAD.
The company launched a 3D product under its brand on Saturday, estimating that 70 percent of its existing 180,000 2D clients worldwide intend to migrate to 3D products.
It plans to convert between 15 percent and 20 percent of its clients to 3D products within two years.
ZWCAD aims to generate more than $10 million in annual 3D revenue in the overseas market in two years, said Zi Yingkun, director of the company's overseas department.
Founded in 1998, the Guangzhou-based company began its overseas business in 2004 and has a sales network of more than 170 agents in more than 80 countries and regions.
ZWCAD recorded more than $3 million in exports last year, up from $2.59 million in 2008.
Despite deep price cuts by its competitors and the global economic downturn, the company managed to post 30 percent growth in both revenue and profit respectively last year, Liu said, adding that the company's revenue is likely to exceed the 100 million yuan ($15 million) mark next year.
China's 3D CAD market stands at 2 billion yuan, a small share of the global $5 billion market. However, the Chinese market has witnessed an annual growth rate of about 50 percent in the past three years, Liu said.
ZWCAD plans to increase spending on 3D research and development (R&D), with 60 people in its R&D centers in Guangzhou, Melbourne and Florida.
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