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MindTree achieves $55 m revenue

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CIOL Bureau
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BANGALORE: MindTree Consulting, an international IT and R&D services company, has announced that it has closed its 2004-05 fiscal year with gross revenue of $55 million, representing growth of 90 percent over the previous fiscal year.






According to MindTree Consulting IT Services president and CEO Krishnakumar Natarajan, "In a year of enhanced growth in the global economy, we made significant customer acquisitions across the world. The US geography continued to be the biggest market. Europe made strong gains, where our revenue grew by 120 percent. We also significantly expanded our customer portfolios in the Middle East, Japan and ASEAN, leading to solid growth in all our major markets".





The company also strengthened its global leadership development program, in preparation for future growth. MindTree set up a development center in Hyderabad, its first outside Bangalore and launched its second development center in Bangalore.





"MindTree's R&D Services business has grown significantly over this past year. Our R&D Services team is more than 550 people strong, one of the largest in India. We added and strengthened relationships with marquee customers such as Alcatel, Nera, StorageTek, Symantec and Toshiba. We also consolidated our leadership position for Bluetooth solutions that are licensed to more than 30 leading product companies across the globe," said MindTree Consulting President and Chief Executive Officer, R&D Services, Janakiraman S.





"Both our businesses — IT Services and R&D Services — have performed impressively. We nearly doubled our people strength, crossing the 2,000-person mark during the year. We expect continued high growth in the coming years. In preparation, MindTree will add capacity and maintain its differentiation through quality of work and human capital development," said MindTree Consulting CMD Ashok Soota.






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