MindTree records 90% growth in revenue
By siliconindia staff writer   |   Friday, 01 April 2005, 20:30 IST
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BANGALORE: MindTree Consulting, an international IT and R&D services company, announced that it has achieved gross revenue of $55 million in the fiscal 2004-05, recording 90 percent growth over the previous fiscal. This was the first time that an Indian software services company had reached revenue of $55 million within five years, the company claimed. MindTree nearly doubled its revenue over the past year through aggressive expansion of its customer base in multiple geographies. ''In a year of enhanced growth in the global economy, we made significant customer acquisitions across the world. The U.S. geography continued to be the biggest market. Europe made strong gains, where our revenue grew by 120 percent. We also significantly expanded our customer portfolios in the Middle East, Japan and ASEAN, leading to solid growth in all our major markets '' MindTree President and Chief Executive Officer (IT services) Krishnakumar Natarajan said. Company Consulting Chairman and Managing Director Ashok Soota said: "We have grown at more than double the industry growth rate.” "Both our businesses -- IT services and R&D services have performed impressively. We nearly doubled our people strength, crossing the 2,000-person mark during the year. We expect continued high growth in the coming years. In preparation, MindTree will add capacity and maintain its differentiation through quality of work and human capital development." MindTree has set up a development center in Hyderabad, its first outside Bangalore, and launched its second development center in the city.

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