This case study examines how EB Pearls has developed a cross-border software delivery model combining onshore client engagement in Australia with offshore engineering capabilities. It explores the firm’s positioning within a cost-sensitive and talent-constrained software services market.
Key Highlights
- Operates a cross-border team model with 360+ employees (company-reported)
- Revenue estimated between $24.8M–$35M, based on multiple third-party platforms
- Hybrid delivery can reduce development costs by 30–60%
- Addresses Australia’s tech talent gap, where shortages persist across key roles
- Serves clients through a Sydney–Kathmandu delivery structure
- Competes in a fragmented mid-market alongside onshore and offshore players
- Global IT services market projected to exceed $1 trillion+ in the coming years
- AI adoption rising, with 50%+ enterprises integrating AI into operations
Founded in 2004, EB Pearls is a Sydney-based software development firm operating across Australia, Nepal, and the United Kingdom. The company focuses on mobile applications, custom software, user experience design, and, more recently, artificial intelligence integration.
Unlike many mid-sized agencies, EB Pearls has built its operations around a dual-location delivery model. Client engagement and product strategy are handled in Sydney, while software engineering is executed from Kathmandu. This structure has remained central to its operating approach for over two decades.
This case examines how EB Pearls has structured and sustained a cross-border delivery model, combining onshore client engagement with offshore engineering to operate within cost and talent constraints in the Australian software services market.
The firm is privately held and does not publish audited financials. Available third-party estimates place its revenue in the range of $24.8 million to $35 million, with employee figures varying between 51–200 (external estimates) and 360+ (company-reported).
Revenue and Headcount Estimates
| Source | Revenue (USD) | Employees |
|---|---|---|
| LeadIQ | ~$35M | ~201 |
| RocketReach | ~$24.8M | 205 |
| Clodura | ~$5.5M | 51–200 |
| Company (Crunchbase) | Not disclosed | 360+ |
Establishing the Model
The company was founded by Rupak Shakya and Manish Kumar, with Akash Shakya later leading Sydney operations. Early development focused on bridging delivery between Nepal and Australia, which required building internal systems for communication, quality control, and project management across geographies.
Between 2005 and 2015, EB Pearls expanded into mobile application development, aligning with the rapid adoption of smartphones. This period also saw the company formalise its operating structure, separating client-facing roles from engineering functions.
The model allowed the company to maintain direct client interaction in Australia while accessing a larger engineering talent pool in Nepal. Over time, this became a defining feature of its positioning in the mid-market software services segment.
Scale and Operating Metrics
EB Pearls reports delivering over 600 digital products and serving more than 1,400 clients since its inception. These figures are based on company disclosures.
External estimates provide a more varied picture of scale, which is common for private firms with offshore teams.
The company operates across four primary service lines:
- Software development, including mobile and web applications
- UX/UI design and product strategy
- Artificial intelligence services, introduced in 2024
- Digital marketing services
Projects are typically delivered through fixed-price contracts, dedicated teams, or ongoing service agreements. The company states that all work is executed by in-house teams rather than outsourced vendors.
Client Engagements
EB Pearls’ client base spans government, healthcare, and private sector organisations. Notable engagements include work with the NSW Education Department and Heart Research Australia.
A recent project with Vodafone Fiji involved redesigning and redeploying its mobile application across iOS and Android platforms. The engagement ran through 2024 and concluded with a public launch in early 2025. A verified client review highlighted structured project delivery and communication, while noting scope for improvement in post-launch support.
Timeline of Development
| Year | Event |
|---|---|
| 2004 | Company founded |
| 2005 | Australian operations established |
| 2005–2010 | Delivery model refined |
| 2010–2015 | Expansion into mobile development |
| 2016–2020 | Portfolio growth across sectors |
| 2022–2023 | Category recognition in Australia (Clutch rankings) |
| 2024 | AI services introduced |
| 2025 | Vodafone Fiji project delivered |
| Dec 2025 | Included in Clutch 1000 |
| 2026 | Continued multi-market operations |
Market Environment
EB Pearls operates within a growing Australian software development market, supported by enterprise digitisation and increasing demand for custom-built applications.
Australian Software Market Growth
| Segment | Value | Growth |
|---|---|---|
| Software development (2025) | $3.86B | 18.14% CAGR |
| Total software market (2030) | $40.3B | 16.8% CAGR |
| Custom software segment | — | 25.1% CAGR |
Australia’s technology sector continues to face a shortage of skilled software engineers, with industry bodies highlighting persistent gaps in domestic talent supply. This has led many firms to adopt offshore or hybrid delivery structures to maintain project capacity and cost efficiency (Australian Computer Society, Deloitte Access Economics).
Mobile Application Market
| Metric | Value |
|---|---|
| Global market (2025) | $298.4B |
| Global market (2026) | $330B |
| Global projection (2034) | $1.017T |
| Australia app revenue (2023) | ~$2.6B |
| Australia projection (2027) | ~$11B |
Delivery Model in Practice
The company’s operating structure separates responsibilities across locations:
- Sydney manages client relationships, design, and delivery oversight
- Kathmandu handles engineering and technical execution
Industry benchmarks indicate that cross-border software delivery models can reduce development costs by 30% to 60%, particularly when engineering is based in lower-cost regions while client-facing roles remain onshore (Deloitte, Accelerance).
This hybrid structure reflects a broader industry pattern, where firms separate client interaction from execution to balance cost, communication, and delivery timelines. The approach is particularly common in mid-market software services, where pricing sensitivity is higher than in large enterprise contracts.
The company estimates that this structure reduces development costs compared to fully onshore teams. While offshore delivery is widely used in the industry, EB Pearls differentiates itself by maintaining direct control over its engineering workforce rather than relying on third-party outsourcing.
Industry Position
The Australian software services market is highly fragmented. Large multinational firms dominate enterprise contracts, while smaller agencies compete in the mid-market.
Within this structure, agencies typically fall into three groups: fully onshore firms with higher pricing, offshore-led providers competing on cost, and hybrid firms combining both models. EB Pearls operates within the third category.
In the mid-market segment, software buyers increasingly prioritise cost predictability alongside delivery capability, placing pressure on agencies to optimise pricing without compromising quality. This has contributed to the wider adoption of distributed delivery models.
Its inclusion in the Clutch 1000 in December 2025 is based on verified client feedback and portfolio strength. However, broader claims of global ranking originate from company materials and are not independently validated.
Current Direction
Two developments define the company’s recent trajectory.
First, the introduction of AI services in 2024 reflects a shift toward higher-value, technology-driven projects. Enterprise adoption of artificial intelligence has accelerated in recent years, with global surveys indicating that a majority of organisations are integrating AI into at least one business function, driving demand for implementation-focused service providers (McKinsey, 2025).
Second, expansion into international markets, including the United Kingdom and the Pacific region, indicates an effort to diversify beyond Australia.
The company’s current position reflects a balance between operational consistency and moderate scale, with its long-term trajectory likely shaped by its ability to expand beyond its core market while maintaining delivery quality across geographies.
(Sources: Data is compiled from IMARC Group, Grand View Research, Fortune Business Insights, Business of Apps, StatCounter, Deloitte, McKinsey, Clutch, and company disclosures.)
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