The Hindu Business Line : Virinchi Tech to expand operations

VIRINCHI Technologies Ltd, a software products and services provider, has announced plans to expand its operations here, which includes developing its own technology campus that would have facility to host about 1,000 techies and doubling its headcount.

Addressing a press conference here today, the Chairman and Managing Director of Virinchi Technologies, Mr Viswanath Kompella, said that the company had grown at a compounded annual growth rate of about 50 per cent and is on course to achieving similar trend this year too.

"Given the current rate of business expansion plans, we expect to double the company headcount from 150 to 300 before this year end and outgrow our existing facilities. Therefore, we have decided to locate a technology campus near the city that will see a total investment of Rs 14 crore covering three phases.

"The first phase, to be ready by early 2007, will be part funded by debt component from Canara Bank. We opted for the debt route as we are a cash-ositive company and since it would be easier to service the debt. We were also against any equity expansion," Mr Kompella said.

The company has made investments in physical, technological and telecommunications infrastructure to ensure adequate capacity to sustain growing business needs. The establishment of a new campus is in response to the growing market and customer demand for Virinchi enterprise e-business solutions the US, Europe and the Gulf region, he said.

Mr Vishal Singh, Director,d Advance America Cash Advance Centres Inc, a Nasdaq-listed pay day loan-ased corporation with market capitalisation of about $1.2 billion, was here to strengthen their business relationship with Virinchi.

He said that the company was in the process of reworking its client-server architecture and has mandated it to Virinchi.

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