Kanbay Inc, a global systems integrator providing high-quality, high-value solutions to the financial services industry, on Monday announced plans to set up its development facility in Hyderabad with an investment of Rs 50 crore (Rs 500 million).
Briefing newsmen in Hyderabad, Kanbay International chairman and CEO Raymond Spencer said that the new facility would come up over an area of 15 acres and house 2,500 professionals in the first phase.
The company already has three facilities located at Talwade, Pune, with a strength of 1,300 professionals.
Spencer said he was not new to Hyderabad since he had lived in the city for a while 32 years ago. The plans for setting up a full-fledged facility were finalised at a meeting he had with Chief Minister N Chandrababu Naidu, he added.
"Hyderabad, with its strong government support, abundant availability of talented IT professionals and good infrastructure facilities, makes a good reason for us to be here," the Kanbay chairman said.
"We will lease some space and start our operations here in another two months, that is, by the end of the third quarter of the year. Simultaneously, we will begin the construction of our new campus in Nanakramguda area on the city outskirts.
"The campus will be ready in about 14 months' time from now. The investment in the first phase will be around Rs 50 crores," he pointed out.
Spencer said since last year, Kanbay has recruited over 800 professionals at Talwade and the company has planned to increase its total strength in India to 3,000 by the end of 2004 and 5,000 by 2006. The Hyderabad facility would have 600 to 700 professionals initially and the strength would grow to 3,000 in three years' time.
"We are experiencing high growth for the past couple of years from customers in the US, Europe and throughout Asia and this demand is expected to remain strong over the next few years.
"India remains our best bet to deliver quality solutions consistently to our clients globally," he pointed out.
With its corporate offices in Rosemont, Illinois (US), Kanbay has centres in 12 locations throughout the US, Europe, Australia, Hong Kong, Singapore, Japan and India.
Kanbay has an impressive client list in the financial services sector that includes established Fortune 500 companies and conglomerates.
"Early this month, Kanbay signed a new four-year, $65-million contract with Household International Inc, a wholly owned subsidiary of HSBC," he disclosed.
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