Synechron Beats the Recession yet again
Posts continued exponential growth
Announces Geographic & Capacity Expansion Plans for 2008, IPO Plans on the Anvil
Pune, 10th March 2008:
Synechron, a US-based software solutions and services provider with a niche focus on the financial services domains of Capital Markets, Mortgage Banking and Insurance, today announced its growth plans for the year 2008 while also providing insights into its achievements over the past year. Synechron was founded in 2001 during a time of global economic recession. Despite this, it has been profitable since the first quarter, self-funded till date, and has emerged as one of India’s top three fastest growing software solutions providers, with a track record of virtually doubling its revenues year-on-year since inception.
Over the past year, Synechron has beaten the recession yet again. The company is on course to post revenues of around USD 50 million this year (year ending March 31st 2008), a growth of around 80% over the previous year (year ending March 31st 2007), thereby maintaining the dynamic growth paradigm.
Synechron’s dynamic growth was also the primary factor that contributed to its listing on the INC 500 List of America’s Fastest Growing SMEs by INC Magazine. Synechron ranked a commendable #222 in terms of percentage revenue growth (1016% - three year growth) across all industries and was listed among the top 25 Fastest Growing IT Companies in the US. Other achievements and recognition included Synechron being ranked as one of the Top 5 Best IT Employers in India by Dataquest Magazine in their annual Best Employers survey and being listed among the Top 3 Companies at the Emerging India Awards organized by CNBC-TV 18 & ICICI Bank in collaboration with CRISIL.
Early in 2007, Synechron made its first acquisition, by acquiring 110 Technologies, a high-end financial services consulting firm based in New Jersey and specializing in the Capital Markets domain, one of Synechron’s key verticals. This acquisition was a strategic move by Synechron, in alignment with its business strategy of expanding within this domain and has reaped the desired results in a very short span of time, adding several significant accounts to Synechron’s BFSI clientele. Synechron currently has 10 of the world’s Top 20 Investment Banks as its clients.
Keeping in line with its rapid growth and the corresponding need for infrastructural expansion and resource scale-up as well as enhanced strategic delivery capabilities, Synechron expanded its presence in NJ by setting up a new center of operations in the latter half of 2007. The new office, which operates as a strategic “Same-Shore Delivery Center” of Synechron, is large enough to accommodate multiple teams for pilot projects before transitioning them to the Global Delivery Center located in Pune, India.
As Synechron fast approaches the 1000 employee mark, its current delivery center in Pune is fast approaching its peak capacity. To address its exponentially growing business needs and to augment the current delivery capacity, Synechron will be opening a second delivery center in Pune over the course of the next one year. This second center will be part of Synechron’s long-term expansion plans with a peak capacity in excess of 5000 seats.
Plans for the year ahead include further expansion in the domains of Capital Markets and Insurance. New services such as Remote Infrastructure Management and Business Intelligence / Data Warehousing will be some of the additional offerings to clients from these domains in addition to the existing gamut of IT services ranging from Application Development and Integration, to Migration and BPO/KPO services. With the recent recession in the US market, Synechron plans on diversifying into new geographies, targeting BFSI clients in the UK, EU, Australia, Gulf and South East Asia markets. Also on the anvil are plans of coming out with an IPO on NASDAQ or NYSE by late 2008, or early 2009, depending on the market conditions.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
Posts continued exponential growth
Announces Geographic & Capacity Expansion Plans for 2008, IPO Plans on the Anvil
Pune, 10th March 2008:
Synechron, a US-based software solutions and services provider with a niche focus on the financial services domains of Capital Markets, Mortgage Banking and Insurance, today announced its growth plans for the year 2008 while also providing insights into its achievements over the past year. Synechron was founded in 2001 during a time of global economic recession. Despite this, it has been profitable since the first quarter, self-funded till date, and has emerged as one of India’s top three fastest growing software solutions providers, with a track record of virtually doubling its revenues year-on-year since inception.
Over the past year, Synechron has beaten the recession yet again. The company is on course to post revenues of around USD 50 million this year (year ending March 31st 2008), a growth of around 80% over the previous year (year ending March 31st 2007), thereby maintaining the dynamic growth paradigm.
Synechron’s dynamic growth was also the primary factor that contributed to its listing on the INC 500 List of America’s Fastest Growing SMEs by INC Magazine. Synechron ranked a commendable #222 in terms of percentage revenue growth (1016% - three year growth) across all industries and was listed among the top 25 Fastest Growing IT Companies in the US. Other achievements and recognition included Synechron being ranked as one of the Top 5 Best IT Employers in India by Dataquest Magazine in their annual Best Employers survey and being listed among the Top 3 Companies at the Emerging India Awards organized by CNBC-TV 18 & ICICI Bank in collaboration with CRISIL.
Early in 2007, Synechron made its first acquisition, by acquiring 110 Technologies, a high-end financial services consulting firm based in New Jersey and specializing in the Capital Markets domain, one of Synechron’s key verticals. This acquisition was a strategic move by Synechron, in alignment with its business strategy of expanding within this domain and has reaped the desired results in a very short span of time, adding several significant accounts to Synechron’s BFSI clientele. Synechron currently has 10 of the world’s Top 20 Investment Banks as its clients.
Keeping in line with its rapid growth and the corresponding need for infrastructural expansion and resource scale-up as well as enhanced strategic delivery capabilities, Synechron expanded its presence in NJ by setting up a new center of operations in the latter half of 2007. The new office, which operates as a strategic “Same-Shore Delivery Center” of Synechron, is large enough to accommodate multiple teams for pilot projects before transitioning them to the Global Delivery Center located in Pune, India.
As Synechron fast approaches the 1000 employee mark, its current delivery center in Pune is fast approaching its peak capacity. To address its exponentially growing business needs and to augment the current delivery capacity, Synechron will be opening a second delivery center in Pune over the course of the next one year. This second center will be part of Synechron’s long-term expansion plans with a peak capacity in excess of 5000 seats.
Plans for the year ahead include further expansion in the domains of Capital Markets and Insurance. New services such as Remote Infrastructure Management and Business Intelligence / Data Warehousing will be some of the additional offerings to clients from these domains in addition to the existing gamut of IT services ranging from Application Development and Integration, to Migration and BPO/KPO services. With the recent recession in the US market, Synechron plans on diversifying into new geographies, targeting BFSI clients in the UK, EU, Australia, Gulf and South East Asia markets. Also on the anvil are plans of coming out with an IPO on NASDAQ or NYSE by late 2008, or early 2009, depending on the market conditions.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
