Kanbay to open development facility

MUMBAI: Kanbay, which has been scouting for another facility in India other than Pune, has finally decided to build a new facility for 3,000 people in Hyderabad. The facility would be up and running by first quarter of 2006. The company has not declared the investment for its Hyderabad facility.






Chairman and CEO of Kanbay International Raymond Spencer said, "In all, we will have around 6,500 people in our Pune and Hyderabad centers. We have acquired Accurum in Chennai and subsequently we would be building capacity around it also."





The company already has an existing facility in Pune and another rented one in Hyderabad. Spencer also said that because the company is focused on financial services industry (FSI), it is able to offer high value solutions to clients and there is no need to look at other verticals at this moment. "We have developed deep domain and technical knowledge and because of that focus we are able to compete in the marketplace. There is no great urgency to look at other verticals, as there are plenty of opportunities in financial services industry," he added.





According to the latest Gartner report, FSI accounts for the largest spend in IT services, which is about $125 billion and it is growing at the rate of $ six billion -$10 billion every year. Of this, only two percent- three percent is coming to India. "Our position is to take advantage of it as we have a scaleable and value-oriented business model," Spencer added





For the year 2003-04, the company's total revenues were $182.6 million with India contributing around 50 percent in its overall revenues. Revenues from third parties increased by 72 percent year over year.