Synechron, IT companies focused on the financial services industry, today strengthened its presence in Pune by inaugurating its largest centre in India. The company has invested over $20 million (around Rs 12.5 crore) for building the facility.
Spread over 75000 sq. ft. at the Ascendas SEZ, the facility has a seating capacity of over 6,000 employees. This expansion is aligned to Synechron’s strategy of strengthening its offshore delivery presence in India and consolidating its presence in the city.
“Over the last 12 years, we have emerged as a high-growth, fast-paced company, working towards transforming the conventional outsourcing business model. At the back of a very successful track-record, we believe that this new facility will lend further cadence to our growth objectives. The injection of local expertise and upgraded infrastructure at this centre will also accelerate our focus on delivering high-end domain intensive technology solutions to our customers,” said Faisal Husain, CEO, Synechron.
At present the centre though operational has around 25-300 people. By the end of this year the company will finish the process of consolidating its employees from other centres into this centre. At present the company has 3,500-4,000 employees in Pune. The company headquartered in New York has its delivery centres in Pune.
Husain also added that the company is also planning to expand its reach in India and looking at setting up centre in another city. “We have been growing at a healthy pace and we do see ourselves expanding. We will select a second city for a development centre. This is also required for business continuity,” he added.
Synechron, founded by Husain, Zia Bhutta and Tanveer Saulat in 2001 has clocked revenue of $200 million. And the management claims that the company has been growing at a compounded growth rate of 25 per cent, way ahead of the industry growth.
“We have managed to grow well. Even during the 20078 recession, we had recorded double digit growth. For 2008-09 we grew 25 per cent and 2009-10 we clocked a growth rate of 60 per cent,” added Husain. The company focuses on industry segments of mortgage banking, capital markets, insurance, energy and commodities and digital media and technology. Almost 40 per cent of its revenue comes from Capital Market.
Unlike several of the IT firms that have preferred to have financial or strategic investors on borad, Husain wants to stay away from them. “We would not like to get financial or strategic investors. If we feel the need for capital we would prefer the public markets,” he added.