Business Daily from THE HINDU group of publications
Thursday, Jun 29, 2006
Business Daily from THE HINDU group of publications Thursday, Jun 29, 2006 |
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Info-Tech
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IT-enabled Services Techbooks to invest $10 m in India expansion V. Rishi Kumar
Services Expects to add about 2,000 people by the end of this year. Helps companies focus on their competencies and better manage their information assets.
Hyderabad , June 28 Knowledge process outsourcing (KPO) and publishing services provider Techbooks has scaled up its India investment plans to $10 million this year as it is foraying into new services such as litigation support and pharma filings. The company plans to recruit about 2,000 people during the year and is mulling another processing centre. Though no decision has been taken on the possibility of an initial public offer (IPO), this could potentially come within a year and be either in the US or even in India.
Special service
The Chief Executive Officer of the Fiarfax(US)-based (US) firm, Mr Ranjit Singh, said there had been increased demand for services such as Edgar filings for corporations and from drug and pharma companies when they file with the FDA. Given the complexity of these filing and documentation process, there is this tendency to outsource such services to a specialised player.
Growing head count
Speaking to Business Line over phone, Mr Singh said the company had grown its headcount significantly and added about 1,300-1,400 people last year, besides acquiring the Pune-based Maxima Learning. Through Maxima, Techbooks added another 500 people. "Now with new areas of focus such as patent filings, litigation support, even as we expand publishing business, we expect to add about 2,000 people by the end of this year. "Within the publishing industry, we work with McGraw Hill, Blackwell and Cambridge, and the growth momentum in this area continues. Few weeks ago, we added Sydney centre to reach out services," he said. Last fiscal ended December 2005, he said the company, initially funded by two venture capital firms, Bluewater Capital and America Capital, recorded total revenues of $60 million and expects to close this year with total revenues of about $75 million.
Rise in demand
"We have grown to be one of the largest KPO service providers in the country and are now at an inflection point where we expect an accelerated ramp-up. The nature and scope of work has also expanded over the last year following the acquisition of Maxima Learning," he said.
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