iGate expands Chennai facility; focuses on media vertical
iGate, a Nasdaq listed integrated technology and operations company with 85% of its operations in India, is ramping up its operations in Chennai.
By ET Bureau |
CHENNAI: iGate, a Nasdaq listed integrated technology and operations company with 85% of its operations in India, is ramping up its operations in Chennai. The company, on Wednesday, inaugurated the first phase of its 'green' certified facility at DLF's IT park in the city. It has invested US $ 2 million on setting up the 56000 square feet facility, with a capacity to hold 540 people.
"The new premises consume 30% less energy compared with our existing facilities here," said iGate CEO Phaneesh Murthy. "But, we have had to spend 60% more on that count." The company will be adding another 56000 square feet housing 540 seats (phase II) to its facility in Chennai by April 2010.
IGate had conceived its new facilities, including the 75-seater inaugurated recently in Mexico, before the onset of the recession. "So, we are unable to say when we will fill up these facilties. But, we will recruit 150 people here by the end of this year, and we believe IT SEZs are the place to be now," Mr Murthy said.
The company has been operating its media centre of excellence out of Chennai for the past year, and has seven international clients - three major companies and 4 minor ones ��� in the vertical. The vertical, now, comprises the second largest share of iGate's business, second only to BFSI, which comprises 55%.
The company, which posted revenues of US $ 46.8 million in Q1 2010, at a QoQ growth of 4.5%, is also making a foray into the healthcare and government verticals. "We added three new customers to our healthcare business, which is handled by a dedicated team of 150 employees, last quarter. We have also set up a domestic team of 500-600 people, to bid for large government deals in India," Mr Murthy said.
"We would definitely acquire smaller companies now, but we find that they are not ready to sold at an undervalued rate in this market condition," he said.
When asked about the possibility of iGate acquiring the financially troubled Cybernet SlashSupport (CSS), whose board Mr Murthy is in, he ruled it out right away. He clarified that he is specifically not looking at CSS as he was on the company board, and that makes it a sensitive issue.
"The new premises consume 30% less energy compared with our existing facilities here," said iGate CEO Phaneesh Murthy. "But, we have had to spend 60% more on that count." The company will be adding another 56000 square feet housing 540 seats (phase II) to its facility in Chennai by April 2010.
IGate had conceived its new facilities, including the 75-seater inaugurated recently in Mexico, before the onset of the recession. "So, we are unable to say when we will fill up these facilties. But, we will recruit 150 people here by the end of this year, and we believe IT SEZs are the place to be now," Mr Murthy said.
The company has been operating its media centre of excellence out of Chennai for the past year, and has seven international clients - three major companies and 4 minor ones ��� in the vertical. The vertical, now, comprises the second largest share of iGate's business, second only to BFSI, which comprises 55%.
The company, which posted revenues of US $ 46.8 million in Q1 2010, at a QoQ growth of 4.5%, is also making a foray into the healthcare and government verticals. "We added three new customers to our healthcare business, which is handled by a dedicated team of 150 employees, last quarter. We have also set up a domestic team of 500-600 people, to bid for large government deals in India," Mr Murthy said.
"We would definitely acquire smaller companies now, but we find that they are not ready to sold at an undervalued rate in this market condition," he said.
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When asked about the possibility of iGate acquiring the financially troubled Cybernet SlashSupport (CSS), whose board Mr Murthy is in, he ruled it out right away. He clarified that he is specifically not looking at CSS as he was on the company board, and that makes it a sensitive issue.
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