Symphony achieves 170% CAGR in 3 years

By siliconindia staff writer   |   Wednesday, 08 February 2006, 20:30 IST
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BANGALORE: Outsourcing software product development company, Symphony Services, has achieved a 170 percent compound annual growth rate (CAGR) over the past three years. With an expanding employee base, rapidly increasing revenues and a growing roster of global clients, Symphony has taken advantage of the rising demand for high-value offshore work, specifically software product development and analytics-based knowledge process outsourcing. The company is on the course of achieving $100 million in revenues. Enthuse with the achievement, Symphony Services’ President, Ajay Kela said, “The traditional IT services companies in India have taken 18 years to achieve this figure which we have done in just three years of setting base in India.” Symphony has invested $150 million over the past three years - $50 million invested on infrastructure and $100 million on people. Symphony turned profitable in 2004 with 70 percent of revenues generated from outsourced product development and the rest from the analytics business. “We are one of the fastest growing global services companies in the world,” said Gordon Brooks, CEO and President of Symphony Services. “It is a testament to the dedication and expertise of our employees that we have achieved a headcount of 3,000 soon after our company’s founding in 2002.” Symphony, in pursuing an aggressive growth strategy, has doubled its employees since the end of 2004 and expanded into both Pune and Mumbai. 95 percent of the recruits will be lateral hires and 5 percent will be from campuses. The company plans on continuing to grow at an ambitious rate and as a result, will expand into a new campus in Bangalore, which can house 3,500 people. In addition, Symphony will continue to strengthen its infrastructure and domain and process expertise in its existing centers in Bangalore, Mumbai and Pune to deliver increasing value to its clients. The company also seeks to begin the ‘Symphony Academy’ to train manpower in analytics and other relevant areas. This academy will train around 1000 personnel. Over the course of 2005, Symphony has worked with major brands like Autodesk, BMC Software, Hyperion, IRI and Siebel/Oracle, and Yahoo as well as with emerging technology companies like Mimosa and Click Tactics, to build high-quality software products and manage data-intensive market analytics initiatives.

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