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MindTree bounces back from difficult times
By siliconindia staff writer
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Thursday, 04 March 2004, 20:30 IST
BANGALORE: MindTree Consulting, a privately held software service firm, said on Wednesday it planned to nearly double its current headcount of 1,100 in the next fiscal year as it bounces back from difficult times.
"Going forward, MindTree's expansion needs for 2004-05 involve enhancing its employee strength to 2,000," the company said in a statement, unveiling a plan to move new staff to a suburban Bangalore campus expected to start work in November.
MindTree, founded in 1999 by high-profile former executives of India's second largest listed software exporter, Wipro Ltd, ran into trouble within months of its start as the customer segments it bet on took a beating.
The company, setting out with Internet technologies and telecommunications as its expertise areas, found both hit by the dotcom crash and a resulting collapse in the telecoms sector.
MindTree officials told a news conference that the company branched out later to industrial automation-related software and consumer electronics, which helped it grow revenue by 60 per cent to about $28 million in the current year ending March 2004.
"We developed a whole range of new services," said MindTree chairman Ashok Soota.
MindTree's customers for outsourced software include electronics giant Sony and engineering major ABB.
Private equity investors in MindTree, who account for 42 per cent of its ownership, include funds like Franklin Templeton, Capital International and Walden.
Soota said the company had no immediate plans to go public, and it intended to do so only after revenues touched $100 million.