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.

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.