ValueLabs to expand in city, invest $6 mn
Hyderabad – July 16, 2003 – ValueLabs, the city-based software development firm, plans to set up a development centre in Hi-tech City with an investment of $6 million.
“The 1,40,000 sq ft centre, which has a capacity to house over 1,300 professionals, will be operational from October, 2004,” Arjun Rao, CEO of ValueLabs told The Times of India.
“The initial plan was to move out to a 1,00,000 sq ft facility from our present 22,000 sq ft premises, but with the growth topping our expectations, the company felt the need for a bigger centre,” he added.
ValueLabs, which offers offshore services in quality assurance (QA) and technical support, recently underwent a brand makeover, with effect from April this year.
The company, which witnessed a 126 per cent jump in revenues, is targeting a 76 per cent increase in turnover this fiscal. “We have established seven strategic relationships with companies that range from $20 million to $1 billion in size. With these associations, we have expanded our service range, which cater all to their outsourcing needs,” said Rao.
The company, set up in 1997 and whose clients include Online B2C Photo, Broadcasting/Publishing, Enterprise Application and Banking, operates in Net application development and applications in mobile services and interactive TV, he said.
On the employee front, ValueLabs, with an attrition rate of 4 per cent, plans to up the headcount to 300 from the present 220 by this fiscal-end.
The company, which intends to keep its software services as the mainstay of operations, has also lined up a range of products.
“We have three main products in mobile data suite, enterprise mining solution and Q-Track, a communication tool,” Rao said. While the mobile data suite provides services to subscribers of mobile operators through various channels, the mining solution is an ERP solution which is the first of its kind in the world, he added. “We will be leveraging the IP rights in these products for the global market,” Rao said.