The Hindu Business Line : OfficeTiger to have staff strength of over 5,000 by 2006

THE US-based OfficeTiger, a professional support service provider, hopes to have employee strength of around 5,000 by 2006 and a majority of them would be in India. It now employs 3,500, including 2,400 in Chennai, according to its Co-Chief Executive Officer, Mr Joseph M. Sigelman.

"The number could be even more than 5,000 by next year end," he told Business Line.

The company, which employs a large number of financial analysts at its Chennai centre, is to add a fourth facility in the city. It also has centres in Bangalore, Mumbai, Sri Lanka, the UK and the US, Mr Sigelman said.

OfficeTiger is not a contact centre or a business process outsourcing company, but offers "judgment services" to clients, including large banks abroad. In other words, the company is a "virtual back office" to banks and equity research companies offering research and financial analysis.

Citing an example, he said that if a bank in the US were planning to securitise a commercial property there, OfficeTiger Chennai would research the property, including lease obligation of each tenant in the building and the capital expenditure. Securitisation market in the US is almost a trillion dollars.

According to Mr Sigelman, the company's recent acquisition of MortgageRamp, a provider of BPO for the real estate finance industry with offices across the US, will help it increase its client base in the financial management services sector. Through the acquisition around 150 clients and 300 employees of MortgageRamp have come into OfficeTiger.

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