Costa Rica has emerged as a hub for technology companies in Central America. The country has a well-educated workforce, political stability, and a favorable business climate, which has attracted both multinational corporations and startups.
Costa Rica is the most prosperous of the five nations that make up the Central American Common Market (CACM) — which also includes El Salvador, Guatemala, Honduras, and Nicaragua — and the country displays greater economic freedom than its regional partners, as well as a low inflation rate of 2.3 percent, according to the Index of Economic Freedom.
The Central American nation has registered GDP growth every year over the past 38 years, other than during the 2009 global financial crisis, and in 2019 gross domestic product (GDP) stood at $61.77 billion (all figures in USD). The country has also seen consistent growth in gross national income — a strong indicator of prosperity among the population — which more than tripled between 2000 and 2019 to reach $11,700 (all figures in USD).
Costa Rica’s main export commodities include agricultural products such as coffee, bananas, and sugar, while its booming tourism industry accounts for roughly five percent of GDP.
Costa Rica has famously had no standing army since 1948, enjoying decades of political stability since — and today has some of the lowest violence statistics in Latin America. Factors such as these, as well as a business-friendly environment that encourages foreign direct investment (FDI), have contributed to Costa Rica becoming major destination for tourists, investors, and expats.
If you are considering doing business in Costa Rica, learning about the three Costa Rica tech companies that can be expected to continue to grow in the aftermath of the pandemic might provide you with valuable ideas for your own commercial activities in the country. Or you could contact us now.
Pioneering Tech Solutions in Latin America
Costa Rica, often referred to as the “Silicon Valley of Central America,” is rapidly emerging as a hotspot for technology companies seeking global expansion. With its favorable business environment, highly skilled workforce, and government support, Costa Rica has attracted several major players in the tech industry and has seen its own homegrown companies flourish on the global stage.
One of the key reasons behind the growth of tech companies in Costa Rica is its well-established education system. The country boasts a high literacy rate and has made significant investments in education, particularly in science, technology, engineering, and mathematics (STEM) fields. As a result, Costa Rica has a steady supply of skilled professionals who are well-equipped to tackle the challenges and demands of the tech industry.
Several multinational tech giants, such as IBM, Intel, Microsoft, and Amazon, have recognized Costa Rica’s potential and established a significant presence in the country. These companies have not only brought economic growth but have also contributed to knowledge transfer and skills development. Additionally, the presence of these industry leaders has elevated Costa Rica’s reputation as a global tech hub, attracting further investment and opportunities for collaboration.
The established players
GBM Corporation
GBM is the leading IT services company in Costa Rica and the rest of Central America, and it is an exclusive re-seller for IBM products and services throughout the region. In addition, GBM also has partnerships with the likes of Cisco, SAP, Lenovo, VMWare, and Microsoft. It provides various technology solutions for businesses related to software infrastructure, technology consulting, and IT specialized services. During the pandemic, GBM has assisted many companies in Costa Rica that seek to improve their technological infrastructure to adapt to new business conditions. Currently, GBM also has a presence in Belize, the Dominican Republic, El Salvador, Haiti, Honduras, Nicaragua, and Panama.
El Orbe
Founded in 1984, El Orbe is one of the main players in Costa Rica’s technology sector. El Orbe is a company that specializes in information systems oriented to the provision of integrated technological solutions for companies from different sectors in Central America. Their services are focused on rack and power infrastructure, moonshot systems, synergy, networking, storage, and servers. They have alliances with major international technology companies such as HP, Intel, Symantec, and Microsoft.
3 Costa Rica tech companies to watch after the pandemic
The following Costa Rica tech companies have grown during the pandemic and should be expected to continue on their upward trajectories in the future:
OMNi — Costa Rica tech company focused on ride hailing and fintech
Founded by a group of Costa Rican investors, OMNi began operations in November 2019 with the launch of an app to rent bicycles in Costa Rica’s capital city, San José. Currently, OMNi is considered one of the ‘super apps’ in Latin America, offering tech-based solutions to daily problems. OMNi is well-known for transportation services that compete with international companies like Uber and Didi, however the company has also branched into financial technology (fintech).
OMNiBici: Mobile application focused on bicycle rental, facilitating the transportation of Costa Ricans, and promoting physical activity.
OMNiTaxi: Mobile application focused on the provision of transportation services through local taxis.
OMNiMoni: Mobile application that works as a digital wallet to manage funds, manage debit cards, make payments, transfer funds, and request loans.
Huli — Costa Rica tech company focused on healthcare
Huli is a healthcare technology company that provides software services for individual healthcare professionals, hospital networks, and insurance companies. Huli’s services are aimed at increasing the efficiency and transparency of communication between doctors, hospitals, and their patients. In 2016, Huli was recognized as the best technology startup in the health industry by the Google for Entrepreneurs program.
Some Huli digital services include:
Hulipractice: seeks to make life easier for medical personnel with online marketing services, and different virtual tools such as a medical appointment calendar and a virtual billing platform.
Hulivida: offers a digital medical directory and facilitates the scheduling medical appointments. It also provides a chronological record of medical visits for patients.
Indigo Drones — Costa Rica tech company focused on agriculture
Indigo Drones provides drones and software for use in the agricultural sector, and has seen significant growth in recent years, with founder Sergio Ballester lauded for the innovation of his company, which he established in his mid-20s. Inspired by drone usage in Chinese agriculture, Indigo Drones is actively used in banana, pineapple, and sugar cane plantations, and in 2019 reported a tripling in sales.
With the agricultural industry remaining strong in the context of the pandemic, and with growing interest in the company from overseas, Indigo Drones can be expected to continue growing during and after the pandemic.
Biz Latin Hub can assist you doing business in Costa Rica
At Biz Latin Hub, our team of experienced company formation agents is equipped to help you enter the Costa Rican market and take advantage of the country’s growing tech scene. With our full portfolio of corporate legal, accounting, and company formation, our multilingual teams are equipped to deliver excellence and ensure the success of your commercial expansion in Costa Rica, and throughout Latin America and the Caribbean.
Get in touch with us today today to discuss the assistance that you need.
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