CMG is Vietnam’s second-largest listed IT services provider, which is 30% owned by its founders, 30% owned by Samsung and 5% by PYN Elite. Like its much larger peer FPT, CMG has telecom (broadband + data center) and software businesses. CMG started Software Outsourcing in 2018 with 500 employees. The headcount has grown by 5-folds to 2.5K now and this also this unit achieved breakeven last year. CMG aims at revenue growth of 40% CAGR 22-25E.