IT firm Mahindra Satyam said on Wednesday that it has secured contracts worth AED 30 million (over USD 79 million) in second quarter in the Middle East and North Africa (MENA) region, and is looking at doubling its business there in the next two years.
The company has secured sizeable contracts in the MENA region totalling to AED 30 million in the second quarter of FY’10. It is looking at doubling its business in the region in the next 18-24 months, the company said in a filing to the Bombay Stock Exchange.
“The Middle East continues to be a key component of Mahindra Satyam’s growth and part of our growth plans for the region, we are looking into strengthening our operations in the region given the significant contribution of this market to our revenues,” Mahindra Satyam Head MENA Region Manojeet Chowdhury said.
Currently UAE accounts for 38 per cent of the company’s Middle East revenue, while Kuwait gives 18 per cent, Qatar and Bahrain contribute 13 per cent each, the filing said.
The new contracts follow the recent launch of Mahindra Satyam’s new corporate identity, it said.
“We are targeting growth of around 100 per cent in the first year and we are confident of the prospects that lie ahead for us in the region,” Chowdhury said.
Further, the company has also signed important clients from Morocco, Jordan and Oman.
During the quarter, Mahindra Satyam closed substantial deals with organisations in eight regional countries, in line with aims to grow the existing roster of regional clients, which currently comprise a total of 200 companies, it said.
Besides, Mahindra Satyam, the new brand identity of Satyam Computer Services, has aligned with its partners Oracle, SAP, Microsoft, Software AG, it said.
Shares of Satyam closed down 1.17 per cent over previous close at Rs 114.20 on the BSE.