Valtech to double devt team in India

Valtech, the Paris Stock Exchange-listed $100 million software services firm, plans to double India headcount to 1,000 by 2006-end, from its current 450 developers. The company plans to invest approximately Rs 15 crore on the expansion.

Valtech entered India in November last when it acquired a Bangalore-based software firm Majoris. Majoris at that time was a $9 million company with net profit of $2.2 million.

Valtech India currently bills at a transfer pricing of around $30,000 per employee per annum.

Valtech globally employs close to 1,100 professionals and in due course, Valtech India will account for over 50 per cent of its global 1,600 workforce.

Said Jean-Yves Hardy, CEO & chairman of Valtech: "Agile offshore needs specific IT and office infrastructure. With our new unit in Bangalore, we can fully support our strategy of becoming a leader in the emerging agile offshore market in the US and Europe."

Added B V Venkatesh, president & CEO, Valtech India: "Our Indian operations is strongly aligned to Valtech's global vision. Our quality process, mature methodology and a proven track record should see us beat industry average in our immediate and long term growth path."