Symphony Service, the California-headquartered outsourcing product engineering company, plans to acquire a company with a presence in either Europe or Asia with a strong focus on enterprise mobility.

“We are good in enterprise software and today, over 90 per cent of our revenues come from the US,” Mr Sanjay Dhawan, President and CEO, Symphony Service, told Business Line . He said that Symphony wanted to acquire a company that could complement its skills and was looking at a company with a turnover of around $100-200 million.

Enterprise mobility is important today because people want to access information on the go using devices such as smartphones and tablets. According to a study conducted in May 2011 by ABI Research, mobile broadband revenues from the enterprise segment for cellular connectivity of laptops, netbooks, and media tablets will reach $36 billion worldwide by 2016.

The company, which expects its turnover to reach $200 million by December, wants to touch the $500 million mark by either December 2013 or December 2014.

“We also want to go in for an IPO either in the second half of 2012 or later,” said Mr Dhawan.

Symphony wants to leverage the growing trend for software usage on a service or a pay-as-you-go model. “Today, many traditional software companies earn only around 5-7 per cent of their revenues from SaaS (software-as-a-service), but for enterprise mobility, software as a utility is a big thing. This is a huge opportunity for a services company like us.”

Mr Dhawan said this shift to SaaS was a big change for his company. “We are betting the company in that direction. Over the next three to five years, we want to become a premium product development company.”

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