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CO TO ALSO SET UP A NEW 1,200-SEAT FACILITY FOR $5 MILLION
Our Chennai Bureau 19 SEPTEMBER
 BAHWAN CyberTek, an information technology and business process outsourcing company, plans to increase its headcount to 800 people at its Chennai development centre by 2006 from 250 people at present. The company, a part of Oman’s Bahwan Group, is also in the process of setting up a new 1,200 -seat facility and would invest around $5 million in it.
Mr S Durgaprasad, CEO, said the expansion would be funded by private equity investments. The company is in talks with a few strategic investors, he said. He said the deal was likely to be through in the next six months but would not divulge the names or the quantum of investment.
Bahwan, which has recently been named one of the RedHerring top 100 private companies in Asia, would also use the funds to invest in research and development, to expand to new markets and to acquire companies, Mr Durgaprasad said.
Mr SV Sriram, president, Bahwan, said the company presently had 100 engineers in research and development, about 100 in Oracle applications and 50 in its high-end BPO division. “The plan is to scale our strength upto 800 people by 2006,” he said.
On expansion into other markets, Mr Durgaprasad said the company recently set up an office in Virginia, would set up one in Bahrain in October and plans to enter Singapore subsequently. It currently derives 35% of its revenues from the US, 55% from the Middle East and the rest from India.The company is looking at inorganic growth and is eyeing companies which specialise in banking and finance sector and which have a good client base, he added.
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