Mu Sigma to invest $5 mn for expansion

Mu Sigma, an analytics services company based out of Chicago, has announced that it will invest $5 million in Bangalore for expansion over the next 18 months.

The fund will be used to double its headcount in Bangalore and to create a 250-seater facility.

The privately-funded company was founded in 2004 and currently employs 80 analysts, of which six are based out of the US. In 2005-06 it had achieved a turnover of $7 million. The company plans to become a 500-person organisation in the next three years.

"Over the next three years, we aim to build a 500-person organisation that will serve about 15 clients. Each client will have a dedicated unit of about 30 analysts who will form an offshore analytics centre of expertise," said Dhiraj C Rajaram, founder and CEO, Mu Sigma.

The company currently serves some of the Fortune 500 companies in verticals like pharmaceuticals, software, advertisement and insurance.

"Our mission is to help our client partners deeply embed the use of sophisticated quantitative techniques on their data. Our associates, who are from leading educational institutions in the US, enable us to deploy cutting edge analytics for our clients cost-effectively," Rajaram added.

He said that the company planned to create a university, which will use a rigorous curriculum in statistics, econometrics and operations research to harvest and nurture potential talent in the analytics space.