Capex set at $50 million for 2006
V. Rishi Kumar
It hasacquired a 30-acre site in Mahindra Park near Chennai.
Itexpects to close this fiscal with total turnover of about $400 million.
It has about 5,000 employees across Pune, Hyderabad and Chennai.
Hyderabad, Sept. 10
Kanbay Inc, a technology solutions provider for the financial services industry, is set to consolidate and expand its operations in India at its Hyderabad and Chennai centres. The company, which has over 75 per cent of 7,000 associates working in India, has set apart $50 million in capex for 2006 and is set to commission a 700-seater facility in Chennai later this month.
In addition, it has acquired a 30-acre site in Mahindra Park near Chennai, where it plans to develop a campus in a special economic zone (SEZ).
New business areas
The Vice-President and centre Head, Kanbay, Mr B. Dayakar Reddy, and India Marketing Head, Mr Atul Phull, said, "With the acquisition of Adjoined Consulting for $165 million, we have added new business areas of consumer segment and now plan to establish centres of excellence."
With the Adjoined acquisition, the company expects to close this fiscal with total turnover of about $400 million.
Business Line, Kanbay officials said that the company had made entry into Chennai through the acquisition of Accurum and now has about 150 people. It is proposed to grow this centre through a new facility, which would later be scaled up to the new campus. The Chennai centre focus will be on securities and investment areas.
The company now has about 5,000 employees in India across Pune, Hyderabad and Chennai, with Pune having a learning centre.
"There is an interesting distinction in terms of our recruitment approach. Typically, lateral recruitments accounts for about 65 per cent and freshers 35 per cent. This is exactly an inverse of what other technology services providers do," Mr Phull said.
"The company has a different HR matrix. We don't measure attrition but take account of retention. Our attrition levels are at about 13 per cent, a few points below the industry average. This is because there is significant thrust on employee satisfaction and retention," Mr Reddy explained.