MindTree aims 20 percent revenue from outcome-based projects
By siliconindia   |   Monday, 06 April 2009, 21:16 IST
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Bangalore: In a bid to achieve over $1 billion in revenues over the next few years, IT firm MindTree is establishing newer vertical businesses to increase its proportion of revenues from outcome-based projects, reported The Economic Times. Aiming almost a quarter of its growth to come from inorganic activities, the company is also looking to acquire firms in newer business verticals and geographic markets. Over the next three years, MindTree aims to have almost 20 percent of its revenues coming from outcome-based projects, wherein the company will get paid based on the business goals achieved by its customers. MindTree's new Executive Chairman Ashok Soota says, "We are reaching a point when we will put a timeline to our $1 billion goal, and it will be very soon." In this new role, Soota will help MindTree fulfill its medium to long term goals over the next 3-5 years by identifying newer opportunities such as knowledge services, or high end analytics business, and lucrative segments including energy and utilities. "Energy is a multi-billion dollar opportunity, especially with the latest focus on renewable energy," says Soota. MindTree will see its U.S. revenues go up from current 60 percent levels in the near term as the recently acquired Aztecsoft counts Microsoft among its top customers. "We do not see U.S. going below 55 percent of our revenues even during next three years, however our revenues from Europe will grow relatively higher," Soota added. The company also plans to increase its revenues from the Indian market, from around 5-6 percent currently to around 8-10 percent of its total revenues within 3-5 years.

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