Pune, Feb. 23Premier offshore product development company Persistent Systems Pvt Ltd is shifting gears and aligning itself to address market demands in the Design for Manufacture (DFM) space of outsourcing.
Dr Anand Deshpande, Managing Director and Chief Executive Officer, PSPL, told
Business Linethat DFM is the next big thing on the software outsourcing radar over the next 12 to 15 months, and is accordingly steering his company in this direction.
The company has already initiated the DFM process with half a dozen customers in the US, which is where 90 per cent of the product outsourcing business worldwide originates. "I expect that within the next 18 months, we will definitely be doing only DFM," Dr Deshpande emphasises.
The company, which was established in 1990, and touched the 500-employee mark first in 2003, has 2,800 people on its rolls today. Little over a year ago, it got an infusion of $19 million from two venture capitalists Norwest Capital Partners ($14 million) and Gabriel Venture Partners.
Though news that PSPL is ready for its initial public offering (IPO) has been doing the rounds for a couple of years now, Dr Deshpande affirms that they are in no "desperate hurry". He does, however, admit that all the milestones necessary for an IPO are in place, and should the board take the decision, it will be in the marketplace within four months.
PSPL, which closed the 2005-06 fiscal at Rs 220 crore will grow 40 per cent year-on-year to touch the Rs 350-crore mark for the current financial year