iGate Global Solutions, the offshore development arm of US IT services company iGate Corp, claims that it will more than double its headcount by the end of 2007.
The Bangalore, India-based company said last month that its lack of scale in its business process outsourcing and call center operations had driven it into the red in its last financial quarter, and now it is pushing forward the necessary expansion.
Chief executive officer, Phaneesh Murthy said the company plans to expand its employee count to about 7,000 from its current headcount of 3,300.
The main expansion will be in Bangalore, where it currently has 900 employees. Its new headquarters would eventually house 3,000 workers, Murthy said, after the second phase of development on the site was completed. The company is also planning to expand its operations in other areas of India, including Chennai, Hyderabad and Noida.
iGate GS made a net loss of INR 26.5m ($580,000) in the three months to December 31, 2003, compared to a net profit of INR 35.6m ($780,000) in the year-ago quarter. Revenue grew 46% to INR 1.43bn ($31.5m), and Murthy said a new $20m contract award with ING Vysya Bank, and the renewal of a major contract with General Electric during its fiscal third quarter would help its financial performance in 2004.
This article is based on material originally published by ComputerWire