Sixth Year of Positive Growth Rate Upstream

Upstream, the global marketing technology company, has reported positive growth for the sixth consecutive year at its annual strategy meeting held worldwide. In addition, the management team has set fresh objectives to further drive the company’s growth in the upcoming years.

Despite a challenging macroeconomic climate in 2023, Upstream is expected to close the year with a 10% increase in EBITDA compared to last year. Moreover, without abrupt currency fluctuation and inflationary pressure in emerging markets – such as Sub-Saharan Africa – the company’s financial results would be 30% higher.

Upstream has maintained an impressive CAGR of 12.4% over its EBITDA since 2018. For 2024, the company has projected substantial positive forecasts for its financial performance. The growth strategy for the upcoming years is based on three pillars.

The first pillar revolves around reinforcing its martech focus through the development of new technology, services and products. An example of this is the launch of Upstream’s mobile marketing platform, Grow, in Africa with the continent’s largest mobile network operator. This has resulted in the platform supporting more communication channels than ever before, as well as new features.

The second pillar involves diversifying the sectors in which the company offers its products and services. In recent years, Upstream has expanded into new areas such as e-commerce, education, FMCGs, gaming and more. In 2019, 98% of Upstream’s revenue was derived from partnerships with mobile network operators (MNOs), while only 2% came from other industries. This has changed significantly in 2023, with 64% of revenue now coming from telcos and 36% from other companies leveraging Upstream’s mobile marketing platform to connect with their customer base.

E-commerce has seen a particularly impressive surge in 2023, with sixfold increase in revenue compared to the previous year. The company boasts a significant client base in the e-commerce sector in Brazil, which is one of the fastest-growing markets worldwide.

The third pillar involves bolstering Upstream’s global presence beyond the emerging markets, with the objective of penetrating developed markets and competing with the largest marketing technology companies worldwide.

“Our vision is to establish Upstream among the world’s top marketing technology companies,” said Upstream CEO Dimitris Maniatis. “Behind our technology are our people. Our business success is the result of the culture that everyone in this company shares. Not only are we not afraid of risks, but we pursue taking risks. This way we constantly push the boundaries of what is achievable, introducing new innovations to the market.”

Upstream is a leading marketing technology company in the most important emerging markets in the world. Its mobile marketing automation platform, Grow, combines innovations in marketing automation and data, security from online advertising fraud, and multi-channel digital communication aimed at creating personalized experiences for end consumers. The company helps its customers, leading brands around the world, communicate more effectively with their customers, increase sales and boost their revenue. Upstream solutions address over one billion consumers in more than 30 countries in Latin America, Africa, the Middle East and Southeast Asia.

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