Hyderabad, Dec 12 (IANS) Innominds Software,
a leading US-based provider of outsourced software product engineering,
Tuesday announced the launch of its second product engineering
innovation centre here.
The company, which has its base in Santa
Clara, California, plans to invest $5 million over the next two years
to expand its operations here and is also looking to set up a facility
in Bangalore.
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The new facility spread over
20,000 square facility at Info City will boost company's fast track
growth strategies in application and tools independent software
vendors, mobile and telecom markets globally, said Rao Vemula,
co-founder and CEO, Innominds.
He told a news conference that
the new centre would offer extended product engineering know-how and
collaborative research support for Innominds' growing list of customers
worldwide.
"We are confident, our new investments in India will
enable Innominds to expand its market share in the outsourced software
product engineering sector and fuel our target revenue growth of more
than 100 percent on a year-to-year basis for the next two years," he
said.
The company, which had revenues of $5 million during
2005-06, has set a target of $8 million for the current year. "In the
next four years we expect the revenues to touch $40 million," said Rao.
Divakar
Tantravahi, co-founder and managing director, said the company which
presently has 350 to 400 employees, planned to increase the headcount
to 1,000 over the next two years.
He said the company invested
half a million dollars in setting up its second facility in Hyderabad
and planned to invest a similar amount to expand the operations next
year.