Interra targets $100 million turnover in 3 years

Technology solutions and software services provider Interra IT, is targeting a turnover of $100 million in 3 years from $30 million right now, on the back of organic and inorganic growth.

Interra IT plans to acquire software companies which would have a turnover of $5million to $10 million.

Speaking to Business Standard, Asoke K Laha, president and CEO of Interra IT, said, "We plan to acquire companies so that we can make use of their infrastructure and get experienced employees. Also, we would focus on acquiring companies that provide services that we don't as of now."

Interra IT provides solutions for mobile technology, retail and product development among others. At present, Interra IT has 500 employees globally in its offices in Kolkata, Noida and California, and plans to take the total headcount to close to 2,000 in the next three years.

In Kolkata it has 80 employees and plans to raise it to 400 soon. "We try to give our employees more power to voice opinions and independence at work to retain them. At present we have an attrition rate of close to 10 per cent among preferred employees," Laha added. Interra IT is also planning to open new offices and hire more software professionals to increase productivity.

It plans to open an office in Bhubaneswar this year and is examining locations for newer offices. It is eyeing acquisition of software companies which would have expertise in embedded software space, supply chain.

"During acquisition, the idea is to acquire expertise of a company and leverage on it without investing anything ourselves," added Laha.

Interra IT acquired Intarka in 2000. "We got 25 experienced people from that company and also started using its contacts, infrastructure and facilities without investing anything upfront," Laha informed.

"We are getting bigger offers right now and so would require more manpower to handle our projects. Newer offices are required to enter regions where new technology colleges are coming up along with IT professionals. Also, manpower and office space costs are lower in smaller towns and cities and so it makes more sense to set up offices in such locations," explained Laha.

At present, Interra IT handles contracts from US that range between $500,000 to $3 million per client per year.