Symphony Tech Group To Invest $50 M In India Arm

Bangalore: | Updated: Jan 8 2003, 05:30am hrs
Romesh Wadhwani-promoted technology investment firm - Symphony Technology Group (STG) - is all set to pump in $50 million (towards infrastructure and acquisitions) over the next five years to ramp up operations at Symphony Services India, the Indian arm of STG-owned and US-based Symphony Services. Also on the cards are a number of strategic acquisitions both in the US and India to enhance operations.

Mr Wadhwani is the founder and former chairman and chief executive officer of Aspect Development Inc who later sold the company to i2 Technologies for $9.3 billion.

Symphony Services India was formed following the acquisition of Cambridge Technology Partners India from Novell by Symphony Services, and since then the company has been ramped up from 100 employees to over 300 currently. While the employee numbers are expected to go up to almost 1000 by 2003 end, the five-year plan is expected to make Symphony Services a 5000-people and $500-million revenue organisation with over 90 per cent of its people located in India. The company, in its eight months of existence, has notched up revenues close to $30 million.

STG is a $300-million fund which has already made investments in close to nine companies. Symphony Services, a 100 per cent owned company of STG, is all set to offer the India advantage to both investee companies of STG and other customers.

The focus will be completely on providing high-end core product development services to customers with development work mainly driven out of India. The proposition is to offer clients an opportunity to save close to 15 per cent on their IT development costs by using our outsourcing model, which we believe will set the trend for the next generation of outsourcing in India, Symphony Services chairman Mr Wadhwani told mediapersons.

Regarding acquisitions in India, the company is specifically looking at companies with revenues ranging from Rs 25 crore to Rs 250 crore and those with specific IP-based software services capabilities.

STG CEO Robert L Evans said the services offered by the company would mainly look at the high-end software product development outsourcing business.