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Symphony has decided to set up a training academy in Bangalore to train its new hires. The Symphony Academy for Product Development and Analytics is likely to be operational later this year.

Bangalore , Feb 8

SYMPHONY Services, provider of outsourced product development services and analytic processes, is looking at acquisitions in China to expand and grow its operations.

Mr Gordon Brooks, CEO and President, Symphony Services, said the company was looking at expanding its operations in China and the Czech Republic. "We may look at acquisitions in China, but nothing concrete has come up till now," he said.

Symphony, which clocked a compounded annual growth rate of 170 per cent for the last three years, had a revenue run rate of over $100 million for calendar 2005. "We are optimistic of a healthy growth rate as we see the outsourced product development market exploding over the next few years," said Mr Ajay Kela, President, Symphony Services India.

According to estimates, the outsourced product development market, currently estimated at $2 billion worldwide, is expected to grow to $7-8 billion by 2008, he said.

The company plans to add about 2,000 people in calendar 2006 to take its headcount to over 5,000 by the year-end, Mr Kela said. About 5-8 per cent of the new hires will be freshers, while the rest would be laterals, he said.

Symphony is in the process of setting up a 3,500-seat campus in Bangalore and expanding its existing facilities in Pune and Mumbai.

It is investing close to $150 million in expanding its operations, he said.

To overcome the shortfall in trained manpower, Symphony has decided to set up its own training academy in Bangalore to train its newly-hired employees.

The Symphony Academy for Product Development and Analytics is expected to be operational later this year and is likely to train about 1,000 engineers a year, Mr Kela said.

The company is also looking at collaborating with universities to train the engineering students.

Symphony's clientele consists of close to 50 companies that include firms such as Autodesk, BMC Software, Hyperion, IRI, Siebel/Oracle, Yahoo, Mimosa and ClickTactics.

More Stories on : Human Resources | Outsourcing | Mergers & Acquisitions

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