Hungarian IT company MOHAnet Mobilsystems Zrt, which develops and makes remote supervision, logistic and telemetric systems using machine-to-machine (M2M) mobile technology, increased its revenue by 34% yr/yr in the first quarter of this year.
President and CEO Zoltan Havasi told MTI that his company's revenue rose to HUF 97.5 million in Q1 2011 from HUF 72.8m one year earlier. MOHAnet, set up in 2006, directly employs 35 people and indirectly twice as many.
MOHAnet projects revenue of HUF 450m in the entire year 2011.
Revenue totalled HUF 350m last year with pre-tax profit of HUF 41 million after revenue of HUF 248 million and pre-tax profit of HUF 4 million in 2009.
The company increased its revenue by an average 38% per year in the past five years, even during the global economic crisis and the restructuring of the organization.
MOHAnet now has around 140 partners in Hungary and is involved in the installation and operation of around 280 remote supervision stations. Remote supervision stations operated by partners with support from MOHAnet serve almost 200,000 end-points, and currently have 18,770 mobile GPRS subscribers.
Since its foundation , MOHAnet has developed 13 kinds of GPRS devices with individual functions and 7 different remote supervision, logistic and business management software systems.
The company was set up by students five years ago based on the innovative ideas of Havasi's thesis at university.
Today, 500,000-600,000 M2M technology devices are used actively on the Hungarian market, and estimates show 30m-40m M2M connections could be established in fifteen years, but there could be demand for as many as 70 million-100 million.