Financial Daily from THE HINDU group of publications
Friday, Jun 11, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 11, 2004 |
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Info-Tech
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Software Marketing - Brands Pinnacle Info is now Accurum Our Bureau
Mr V. S. Narayanan, Managing Director and Head of Accurum India Pvt Ltd (right), and Mr Venkat Vallabhaneni, CEO and founder, Accurum Inc, at a press conference in Chennai on Thursday. — Bijoy Ghosh
Chennai , June 10 THE US-based Pinnacle Info Solutions, which has been `rebranded' Accurum Inc, will increase its headcount in India to about 1,500 in the next four to five years from the present 175. The company provides technology solution to global capital markets and has a development centre in Chennai. It planned to start one more in Mumbai this year and another in Bangalore next year, said the company's Chief Executive Officer, Mr Venkat Vallabhaneni. He declined to give any numbers on the additional investment plans in India. Talking to newspersons hereon Thursday, Mr Vallabhaneni said the company would also hire about 600 employees in the US and UK. The company, which has about 125 employees in the US, provides technology solutions to address every aspect of capital markets business that is classified into consulting, information technology and research, he said. According to Mr Vallabhaneni, the company, in existence for the last nine years, has projected its revenue to be $16.2 million (about Rs 70 crore) for 2004 as against $11 million (about Rs 50 crore) last year. "Our aim is to achieve $100 million by 2009," he said. Currently, about 80 per cent of revenues for the company comes from the US centre and the rest from India. This ratio, however, will change in future with India playing a dominant role. Mr V.S. Narayanan, Managing Director, Accurum India Private Ltd, said revenues for the India centre would come mainly from overseas clients, while the domestic market is yet to mature enough to be a revenue base for the company.
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