Synechron Tech invests Rs 10 cr in Pune centre

Synechron Technologies, a high-end software services provider, recently inaugurated its 1,000-seat development centre in the city and has exponential growth plans. The company has grown from a mere three-person operation to over 400 people now, in a span of four years.

Faisal Husain, chief executive officer, Synechron, said, "We have invested nearly Rs 10 crore for the development of this 65,000 sq ft centre, which will house 1,000 people.

By 2006 end, we will have 700 people and will be looking for additional space to support our growth plans."

He explains, "We are already planning our next major investment of Rs 30 crore for the development of a 5,000-seat centre over the next few years."

The company is funding these investments through internal accruals and is planning for an initial public offering (IPO) in the next two years. He said, "We have grown at the rate of 100 per cent since our inception and will be a $20 million company in the current fiscal."

Currently, working in the banking, insurance, capital markets, internet media and rich media domains with Fortune 500 clients such as Wachovia Security, Lehman Brothers and Washington Mutual to name a few, Synechron is now launching a new strategic development centre (SDC). Terming SDC as an "enhanced offshore development centre," Husain said, "This initiative will allow our clients to set up dedicated development centres with us, where we will offer them multiple services ranging from BPO to IT and development."

The SDC will come into effect in February next with 25 people for 24x7 Real Media. Speaking on the future of this initiative, he said, "We have five more clients in the pipeline, which will be finalised by the first quarter of the next year, and by 2006 end, we expect the SDC to have at least 12 customers. It will contribute nearly 50 per cent of our revenues by then."