Ottawa-based Bridgewater (TSX:BWC) is looking to those countries as well as Europe, the Middle East and Africa for growth outside North America, chief financial officer Kim Butler said Tuesday.
"That's where we see the growth in the company, it's really in those two pockets," she said in an interview.
"It does give us that opportunity to get in at that state where they need our products and our solutions to address that demand," she said, after the company reported its third-quarter profit doubled to $3.4 million and revenue jumped 52 per cent.
The increased use of streaming audio and video and software applications like games and restaurant locators is adding to traffic on wireless networks in North America and that trend is expected to grow globally.
Bridgewater's software manages information about subscribers, what services they are entitled to use, what device they are using and if they are on or off a network.
It also has software that carriers can use to let their subscribers know how much data roaming rates will be and how much bandwidth is available in an area.
U.S. wireless carrier Verizon is still Bridgewater's largest customer with 64 per cent of its revenue in the quarter.
"We still consider them to be our largest customer in 2011 as well," Butler said about Verizon. "If we do our jobs well then we'll have diversification and they're not going to be at that point of 64 per cent."
Bridgewater added 13 new customers in the third-quarter and about half are in emerging markets.
National Bank Financial analyst Kris Thompson noted new customers in the quarter should "aid future revenue growth and customer diversification."
"All indications from vendors in the sector and service provider spending indicate a very healthy market opportunity for Bridgewater well into 2012."
But Thompson had a note caution about Verizon: "Investors also need to learn more about Verizon revenue going into 2011."
In its financial results, Bridgewater said it earned 13 cents per share on $23.9 million in revenue. That was up from $1.7 million or seven cents per share of profit with revenue of $15.8 million in the same quarter last year.
The company also raised its 2010 financial guidance.
It now expects to earn between $12 million and $13.5 million, up from earlier guidance of between $10 million and $12 million.
Bridgewater also raised the lower end of its revenue range by $9 million to $92 million, but left the higher end of the range intact $94 million.
Shares in Bridgewater closed up 13 cents at $8.68 on Tuesday on the Toronto Stock Exchange.
-By LuAnn LaSalle
