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K.R. Srivats

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New Delhi Feb. 11 Headstrong, a global consulting company, is eyeing the Indian mortgage market even as it intends to enhance its global competence here for creating solutions to such markets around the world.

The company also plans to develop, over the next three quarters, the necessary global expertise in India on the booming credit derivatives, equity trading and risk management markets around the world.

It plans to ramp up India-based headcount to 2,500 by 2007-end from the existing 1,500.

In India, Headstrong is represented through its wholly owned subsidiary, Headstrong Services India (P) Ltd (formerly known as TechSpan India).

"Over the next two years, you will see companies like us spend enormous amount of time servicing the domestic market," Mr Sandeep Sahai, President and COO, told Business Line.

"With the size of the mortgage market here growing like anything in recent years, we have started to look at it right now."

Mr Sahai said that Headstrong would look to ascertain whether there is an "addressable market" for mortgage-related solutions here.

He indicated that the company might focus on providing solutions to sub-segments like securitisation and not on the originations part of the mortgage business.

However, he made it clear that the biggest mortgage markets would be the US and Europe, and that the company would primarily focus on these markets.

"We are building global expertise on mortgage in our operations here. As we build the team, we will also look at solutions for India as well. The markets for securitisation are getting increasingly inter-connected. Moreover, the domestic financial services industry is also getting more and more sophisticated."

Headstrong expects to close 2007 with revenues of $200 million, with financial services likely to account for 80-85 per cent of the revenues.

The company had recorded revenues of $155 million in 2006, with about 67 per cent of the revenues coming from the financial services industry.

"We want to be the best consulting company for the financial services industry across the world. We don't want to be the best IT consulting company. That is not our ambition."

Stating that India was a good source of talent, Mr Sahai said that the company wants "more and more solutions to go out of here, which is not only software."

Headstrong has invested about $20 million in its centres of excellence at Noida and Bangalore.

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