Kanbay bets on India for billion dollar dream

With an expected revenue guidance of $385 million for the financial year 2006 (ending December 31), Kanbay International Inc's is looking at doubling its growth over the next 3-4 years to become a billion-dollar company with over 25,000 employees in India against the current number 5,000 staff.

At the launch of its Global Learning Centre (GLC), developed with an investment of Rs 50 crore, co-founder and chief executive officer, Raymond Spencer said, "We have now got a framework in place and we will be scaling our operations to become a billion-dollar company."

The Chicago-headquartered company with 76 per cent of its operations located India is banking on the Indian market for its further growth.

"We have a $50 million global expansion budget and a majority of that will be coming to India," said Spencer.

He further added, "By 2010, we will add 20,000 people in India, thus taking our total employee count up to 25,000 here." Spencer said, "Our consolidated revenues for first quarter one was $74.5 million and we expect $385 million for FY'06."

The company has been on a growth mode over the past year, undertaking major expansion plans. It acquired 30 acres of land in a Special Economic Zone in Chennai to construct a 6,500-seater facility.

Earlier this year, the company had launched operations in Hyderabad. "We are developing a 3,500-seater campus in Hyderabad to grow our SAP, Oracle and enterprise resource planning practice ," he said.

The company had announced acquisition of US-based service management and consulting firm Adjoined Consulting for $165 million recently.

About the acquisition, he said, "We are well on track with the integration of both the businesses."