Kanbay to set up $10.8 M tech centre in Hyderabad

By SiliconIndia   |   Tuesday, 29 July 2003, 07:00 Hrs
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US-based Kanbay Inc, a technology services company, plans to expand its operations in India by investing Rs 500 million ($10.8 million) to set up a new centre in Hyderabad.

BANGALORE: The new centre can house 2,500 people, Kanbay said in a statement.
"We are experiencing high growth for the past couple of years from customers in the United States, Europe and throughout Asia, and this demand is expected to remain strong over the next few years," said Kanbay chief executive officer, Raymond Spencer.

"To meet this growing demand, India remains our best bet to deliver quality solutions consistently to our clients globally."

Chicago-based Kanbay, whose clients include insurance, banking and credit card firms, employs 1,300 people at centres in Pune. Its global staff strength is 1,600.
It aims to more than double the number of its employees in India to 3,000 by the end of 2004.

Global giants such as IBM Corp and Accenture Ltd are rapidly expanding their software centres in India and outsourcing back-office work to the country, attracted its large pool of skilled engineers and graduates willing to work at wages that are a fraction of those of their overseas counterparts.
Kanbay had earlier announced plans to start a 700-strong technology centre in Bangalore by December, but a spokesman for Kanbay India said on Monday that the launch of the unit had been postponed. He did not provide details.

Founded in 1989, Kanbay's investors include high-tech investment firm Safeguard Scientifics Inc and Morgan Stanley Dean Witter.

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