Synechron to invest $35 million for development centres in India

New York-based IT firm Synechron today said it will set up two new centres in Bangalore and Hyderabad and invest about $30-35 million (over Rs 210 crore) in the next three years in India.

The two new centres in southern India will focus on delivering domain intensive and differentiated technology capabilities to clients in the banking and financial services, Synechron said in a statement.

"Synechron plans to aggressively drive business by investing $30-35 million on India expansion over the next three years," it added.

The company, which already has a centre in Pune, plans to ramp up expansion to 225 employees in Bangalore and to 150 in Hyderabad in the current fiscal.

This will take the company's total headcount in India to over 5,000 professionals, of which 3,800 are based in Pune.

"Our expansion drive is in line with our strategy to increase our delivery capabilities in India giving Synechron access to a larger and highly capable talent pool," Synechron co-founder and CEO Faisal Husain said.

The infusion of skills from these centres will enable Synechron develop solutions for global and India customers and lend further cadence to the company's delivery credentials, he added.

The company has been growing at a CAGR rate of over 35% for the past six years to become a $200 million annualised revenue entity.

It provides technology, consulting services with a micro verticalised focus in capital markets, insurance, mortgage banking, energy and commodities, and digital media.

Founded in 2001, Synechron has presence in the US, Canada, UK, The Netherlands, UAE, Japan, Hong Kong, India and Singapore.