European ISVs revenues grew 13.1 percent last year

Independent software vendors operating managed to rake in extra cash last year despite the economic downturn.

500 top ISVs saw revenues increase by 13.1 percent to €81.3 billion ($112.9 billion), while smaller ISVs saw growth of 17.3 percent.

According to the report from IT Europa, the ISVs performed well despite the economic downturn in Europe.  This gives an indication that while hardware is selling slowly, business applications are being hit less hard.

Russia, France and the UK saw growth of 27 percent, 20 percent, and 16 percent respectively.   The picture for two of the countries worst hit by the Eurozone crisis, Spain and Ireland, saw their revenues slide by 5.5 percent, and 3.0 percent.

According to IT Europa research manager Auri Aittokallio ISVs are generally proving “very resilient” to market and economic pressures.

“However, there have been some substantial job cuts – especially in larger companies – and reports of more to come.”