Mr Bakhtiar H. Wain, CEO & Founder Avanceon Limited (AVN), told this figure during a recently organized Pakistan Mid Cap Conference 2022 by Topline Securities where nine leading Mid Cap Companies participated in the event, providing them with a platform to showcase their companies to leading local and foreign fund managers.

AVN plans to achieve US$100mn revenue by the end of 2024. The revenue mix will be a combination of both, including order and revenue generation. US$40mn from UAE & North region, US$40mn from Qatar & Saudi region and US$20mn from Pakistan region.

The company has already expanded in the above geographies. The operating cost of the expand expansion would be low because most of the back offices are in Pakistan.

The industries company is targeting to capture includes Food & Beverages, Oil & Gas, Chemicals & Petro Chemicals, among others.

Octopus’s business model is divided into three segments which include (1) OmniConnet, (2) Topware and (3) After-Market Service (AMS).

OmniConnect establishes big data and dashboards in hours and on a fixed basis and without any coding or programming. Topware is a subscription based decision support solution for digital dashboarding, analytics and prediction. AMS, the aftermarket support, has been the driving factor in covering almost 50% of the fixed cost with over 50 service agreements.

In terms of geographical expansion, the key growth areas for the company would be Pakistan and the Middle East in the medium term. Once an adequate market share is captured, the company would focus on the USA and other West markets.