Sarvesh to invest $25 M in Indian operations
By siliconindia   |   Tuesday, 03 August 2004, 19:30 IST
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SANTA CLARA: Tavant Technologies is all set to expand its India operations and will invest about $25 million within 12 months. The software solutions provider will establish another development centre and raise its headcount to over 1,200 by March 2005. The Founder and Chief Executive Officer of Tavant Technologies, a Santa Clara-based solutions company seed-funded by CDC and Artiman, Sarvesh Mahesh, told Business Line, "The company has grown significantly this year both in terms of revenues as also the number of people. From about $21.5 million in revenues last year, we had projected total revenues of $35 million. However, given the company performance over the last six months and few significant client wins, we expect to more than double the revenue number and possibly touch the $50 million mark." "From about 400 employees last year, we had targeted to grow to about 600 by the end of this year. However, we have managed to surpass this and now have about 700 people. Given new customer wins in the form of Roper Industries and Ajul, and expansion of association with existing clients, Tavant is well positioned to cross the $100 million mark in revenues by 2007," he explained. Mahesh, who earlier worked as director with Amazon.com and with Junglee, said that the company model was different from other technology solutions providers. As opposed to adding customers randomly, we believe in having few clients and enter into long-term technology solutions provider relationships. As these companies grow, our solutions offerings extend as is demonstrated by our association with large corporations like Ingersoll Rand and AmeriQuest. "We are in the process of finalising plans for another centre in the country which would possibly either be in Pune or in the Northern Capital Region. Part of the investments planned is aimed to set up this facility and also in human resources and infrastructure. We are cash positive and expect to fund the expansion all by ourselves. The expansion is necessitated due to growth in ebiz applications," he said. "Tavant has managed a compounded annual growth rate of over 100 per cent per annum since inception. We have managed to acquire good clientele where we expect to further consolidate relationships."

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