Symphony Services expanding Indian operations
SOURCE: The Hindu
DATE: May 1st, 2008
ARTICLE
Symphony Services is set to further expand its Indian operations with the addition of about 1,000 people during the year with thrust on embedded systems design business.The technology product development services provider is scouting for another possible location for a development centre which could potentially be in Hyderabad. The company is headquartered in Palo Alto (California) with centres in Bangalore, Pune and Mumbai.
The President of Symphony Services, Mr Amitava Roy, told Business Line that after the acquisition of the Silicon Valley-based Optimal Engineering, the company has expanded the scope of services in embedded systems design.
“We expect within a year, this embedded systems arm is likely to contribute to more than 25 per cent of revenues where the company provides solutions for mobile connectivity. These product-related services are in demand globally. The design work is also handled out of China, where we set up a centre last year,” Mr Roy said.
The company, which has revenues of over $100 million in 2006, is expecting a growth of over 45 per cent this year.
Asked about plans to raise funds, Mr Roy said, “This was on cards but it will depend on ideal market conditions. It is likely to be an overseas listing.”
Prior to the company restructure, which meant carving out a separate division out of the marketing and analytics business, the company had about 4,500 people. About 1,200 of them are now with the analytics business.
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