The Hindu Business Line : MPACT plans to hire 100 more at Chennai centre

THE US-based mPower Software Services will recruit over 100 professionals by the year-end for its Chennai development centre, MPACT Technology Services, and 300 more during 2005, according to its Chairman and CEO, Mr Naru Narayanan.

MPACT, which started operations in August 2002, will recruit candidates with a couple of years' experience in financial and accounting domain, and with a strong background in technologies like Oracle, he told newspersons here on Wednesday.

MPACT is a 51:49 joint venture between MasterCard International and mPower.

It develops and maintains MasterCard-owned software for handling its core processing functions — authorisation, clearing and settlement of its credit card transactions worldwide.

The Chennai facility is MasterCard's second largest outside its headquarters in St. Louis, US, he said.

MPACT has also announced a 33 per cent raise in salary for its employees.

The increase includes a 20 per cent pay rise and a loyalty bonus that will reward employees for continued service in the organisation at the end of every completed year of service.

The raise is to retain and attract best talent, he said.

MPACT hopes to report revenues of Rs 10 million (Rs 45 crore) for the fiscal ending December 2004. The Chennai centre caters fully to MasterCard.

However, in the next couple of years, non-MasterCard customers would contribute to 15-20 per cent of revenues, he said.

The Chennai centre was set up with an investment of about $1 million (Rs 4.5 crore), he said.

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