Citus ¡°exports navigation SW worth KRW10 billion overseas¡±
By Ikjong Kim, Electronic Times
January 18, 2008
On the 15th Citus (CEO Lee Joon-Pyo), specializing in navigation software, announced that this year it would make real efforts to explore the Chinese, European and Australian markets in a bid to become the first in the navigation SW industry to reach the KRW10 billion export mark.
Last year Citus exported navigation SW worth $2 million to China and Australia, making its debut in the global market, and it is planning to penetrate the US and European markets this year to greatly increase export volumes.
In particular, the company recently secured a bridgehead for making inroads into the North American and European markets, the largest markets in the world. ¡°We are in the process of negotiating with a US buyer for the supply of navigation SW,¡± said a Citus official. ¡°Sooner or later we will strike a deal.¡± At ¡®CES 2008,¡¯ held in Las Vegas recently, Citus introduced the North American map, and it was well received both by buyers and visitors.
Citus intends to ensure that 60~70% of its export volume will come from North America and Europe. Unlike last year when overseas sales were concentrated in China, Citus predicts that overseas sales will spread all over the world in this year. Citus anticipates that rapid advances in the North American and European markets will drive the proportion of the Chinese and Australian market in terms of global sales down to less than 40%.
According to the ¡®global Citus navigation¡¯ project, Citus is planning to increase its global market share to 15% in 2010.
¡¡¡°Since our foundation we have developed products targeting the global market, and last year produced visible results in China and Australia,¡± said Mr. Lee Joon-Pyo, CEO of Citus. ¡°This year is the first year of globalization for Citus.¡±