US IT firm opens new campus in Hyderabad
Thursday, 19 October 2006, 07:00 Hrs
Hyderabad: Kanbay International Inc, a US-based global leader in delivering end-to-end IT solutions, Wednesday opened its new software development campus in Hyderabad.
Inaugurated by Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy, the campus with world-class infrastructure has come up on 15 acres of land in the IT park.
To be completed next year with an investment of $50 million, it will provide 70,000 square feet of office space to accommodate 4,500 professionals.
Kanbay, which began its operations here in 2003 with first facility at Hitec City, now has a workforce of 1,400 at two locations.
Kanbay chairman and CEO Raymond Spencer told a news conference that the firm would increase the total headcount here to 5,500 in 12 to 14 months.
The company, which focuses mainly on financial services, presently has 5,500 employees at its software development centres in Hyderabad, Pune and Chennai. "We plan to increase the capacity to 15,000 by 2010," he said.
Headquartered near Chicago, Kanbay has 19 offices in eight countries and 7,000 associates. Its revenues in 2005 were $230 million with a turnover of 5.79 billion from India. The revenue guidance for the current fiscal is $402 million.
"The total global revenues are expected to cross $1 billion by 2010," said Spencer.
Kanbay India managing director Cyprian D'Souza said the company would also look at other potential locations for expanding its operations in India.
Earlier, the chief minister said the IT industry in the state was growing by leaps and bounds. "Last year the IT exports grew by 51 percent. The state accounted for 12.6 percent in the total IT exports from the country," he said.
Rajasekhara Reddy said 15 special economic zones (SEZs) for IT would be created in the state. "This will pave the way for more IT companies coming to Hyderabad. They will get facilities and area at competitive price in SEZs," he said.
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