The Hindu Business Line : Synechron on expansion mode

Pune, March 7 Synechron, software solutions and service provider for capital markets, mortgage banking and insurance, is all set to expand into new geographies, include new domains and set up a new facility. This is the road map which has been drawn up for the year 2008.

Talking to presspersons, Mr Faisal Husain, Chief Executive Officer, and Mr Siddharth Madhusudan, Director, Marketing and KPO services, said Synechron planned to enter new geographies such as the UK, European Union, Australia, Gulf and South East Asia markets targeting the BFSI clients. He noted that currently a major chunk of the revenues came in from the US and plans for new locations were keeping in view the recent recession in the US.

Mr Faisal said that though the US recession was being felt, the company was on course to post revenues of around $50 million for the year ending March 2008, which would be a growth of around 80 per cent over the previous year. The company had registered revenue of $28.5 million during March 2007.

About 65 per cent of the revenues came from capital markets, 20 per cent from insurance and the rest from mortgage. He noted that the company, as early as January 2007, had shifted its focus from the mortgage banking to capital markets and this had helped in keeping the revenue levels up. He noted that the margins would also improve.

Revenue target

The revenue target for March 2009 is $75 million, he said. He said early in 2007, Synechron had made its first acquisition, 110Technologies, a financial services consulting firm based in New Jersey and specialising in capital markets domain. He said the company was looking at further acquisitions and this should happen in the third quarter of the next fiscal and that about $20 million has been set aside for this.

He said it had also opened same shore delivery centre in New Jersey in 2007. He said as part of the expansion plans, it would also be setting up a new facility in Pune which could accommodate at least 5,000 seats.

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