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Our Bureau

Co to ramp up headcount

Pune , March 9

S1 Corporation, provider of integrated front office application in the banking sector, inaugurated its new premises at Hinjewadi in Pune on Thursday.

Talking to presspersons, Mr Chip Mahan, Founder-CEO and Chairman, S1 Corporation, said the new premises has been set up with an investment of about $1 million. He said the facility is spread across 13,000 sq ft area.

It may be recalled that the company recently released the forex product within the EP (enterprise platform) family of products, completely built out of Pune. Mr Chip said the company, which has at present on its rolls about 430 personnel, about 25 per cent of their global workforce in Pune, would be adding another 120 personnel to take the total to 550.

Mr Chip said as a part of the strategy to increase the training investments, it would be setting up a S1 University this year. The university would focus on areas such as product development, professional services as also hosting, he said.

Financials

Looking at the financials of the company, revenue for the fourth quarter ended December 31, 2005 was $46 million as compared to $56.5 million for the same quarter in the previous year and $48.1 million in the prior quarter ended September 30, 2005. Revenue for the full year 2005 was $204.1 million compared to $206.4 million for the full year 2004.

He said net loss from continuing operations for the fourth quarter ended December 31, 2005 was ($20.7) million, compared to income from continuing operations of $0.04 per share for the same quarter the previous year and ($0.13) loss per share in the prior quarter ended September 30, 2005.

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