The reliance on Spain has been reduced from 25 percent in 2007 to 18 percent today, says Navarette, with a 50-50 split between its consumer and business software. Put another way, 82 percent of its sales this year will come from outside Spain with the US and other European markets major sales targets.
Navarette says that Panda has just enjoyed its best trading period since 2007, the year its ill-fated expansion plan got airborne.
In June the firm launched Panda Advanced Protection Service (PAPS), a new take on cloud-based security in which all applications are classified as friendly or foe down to process level.
In some aspects, its claimed ability to protect against software exploits is distantly reminiscent of the interesting anti-zero day technology developed by ex-Panda Security engineer Pedro Bustamente whose startup ZeroVulnerabilityLabs was acquired in 2013 by US security firm Malwarebytes.
But as far as Panda Security is concerned things have gone beyond hype, PR flannel and buzzwords about the cloud and whether its technology is better than everyone else's. It simply has to execute and sharpish.
"You go through pain but this company has crossed the desert," says Navarette bluntly.
Sign up for CIO Asia eNewsletters.