Quintegra aiming at Rs.160 crore sales
After a particularly bad phase in the post US 9/11 and dotcom bust scenario, which saw a number of small IT companies closing, offshoring to cut costs saw a revival of such companies. One company that benefited and changed hands was software solutions provider Quintegra Solutions Ltd. With a turnover of Rs.76 crore and a target of touching Rs.160 crore in FY08, and the integration of two recent acquisitions Valley Us and Jadelite it hopes to hit the mid-cap level soon.
Mr.Shankarraman, Chairman and Managing Director of Quintegra Solutions said that the challenge had been retaining manpower and reducing attrition from 13 percent to single digit by 2010 when they aim to touch the $300-350 million mark in turnover. He said that they expected to convert 20 to 25 small accounts of large clients to big ones by FY08 end.
Shankarraman bought 35 percent stake in Quintegra Solutions in 2005, earlier known as Soffia Software, for Rs 10-12 crore. The public owns the rest of the stake. Strapped for want of funds and right clients and lack of verticalisation, the company’s revenue stood at Rs.32 crore in 2003.
Now, the company has about 55 clients and plans to double the number in the next couple of years, and reach a headcount of 1000 from 650 by the end of the current fiscal. A merger and acquisition (M&A) strategy, along with organic growth, would be used to tap large customers, improve topline and bottomline and expand the revenue base.
He added that they were handling outsourcing work for the US and the European countries, but out presence in Europe was not much so they expected to finalise a European acquisition this fiscal. The company is talking to a number of companies in the SAP and BFSI areas where it sees major growth.
