ValueLabs to double staff to 600

By : |August 8, 2004 0

HYDERABAD: Software services company ValueLabs is targeting a revenue of $40 million by October 2006. The company witnessed a 100 percent growth rate in revenue from $5.5 million in June 2003 to $10 million by June 30, 2004.

The company is planning to double its headcount to 600 professionals by the end of 2004 and touch the 1,000 people mark by June 2005. It also plans to invest $7 million over the next 12 months to build its new facility at Hitech city in Hyderabad.
According to ValueLabs CEO Arjun Rao, “The eight-storied facility under construction would accommodate 1,500 employees.”

The company has also started providing support in the areas of testing and quality assurance in the embedded space. Marking a full-fledged entry into development activities, ValueLabs is attempting to help setup a team for Harman International Industries to build products in embedded systems and real time environments.
“We would be concentrating on digital audio/video chips and audio/video compression technologies like MPEG, MP3, WMA to name a few,” informed Rao.
In an effort to reach the set target, ValueLabs has partnered with a top-notch sales team from USA. Paul Larson has joined ValueLabs from 24/7 Customer Inc., as the Executive VP.

“ValueLabs is an ISO:9001 certified company and we have started the process to be recognized as a SEI-CMM Level 5 company. We hope to get the certification by the end of the current calendar year,” added Rao.

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