Techwave aims to double revenues this fiscal

Techwave Consulting Inc., a US based global end-to-end IT services and solutions company, has crossed $50 million in revenues during 2015-16 and plans to double the same during current financial year.

Headquartered in Exton, Pennsylvania, Techwave has global delivery centre in Hyderabad.

The company recently acquired two global IT firms Tech Advaita, a Britain-based leader in digital services and solutions, and a Hungary-based SAP services major, Techwave, CEO Damodar Rao Gummadapu said on Tuesday.

Together on acquisition of these two companies, Techwave has invested $4 million. The investment was facilitated from internal accruals and the acquisition adds up to the company's revenues by about $8 million.

Techwave has also set up a base at Netherlands to expand its footprint in European markets.

The mid-tier IT services company also recently set up offices in South Africa and Australia.

It has increased head count to 1,500 from a little over 500 last year and also doubled its size of operations and office space.

"We have chalked out our roadmap for significant growth through expansion of our global client base and strategic acquisitions to achieve a revenue target of USD 100mn by the end of FY 2016-17," said Rao.

He stated that company is looking forward to continuing its growth trajectory by investing heavily in ISMAC (Internet of Things, Social Media, Mobile, Analytics and Cloud) and digital solutions.

He further added that the company will soon be foraying into APAC region and other countries.