Bangalore, October 20, 2008
The Hindu Business Line
Notwithstanding the current market conditions, Symphony Services is expanding its delivery capabilities in Bangalore, Pune and Beijing to cater to the rising demand for product engineering services.
Symphony recently expanded its facility in Pune by adding 1,300 seats, while it plans to add a new facility spread over one lakh sq. ft at a Special Economic Zone in Bangalore. The company has close to 3,000 employees in Bangalore and Pune.
“Our ability to deliver value to clients has helped us achieve an above-industry rate of growth in revenues and profits, and prompted premier organisations worldwide to partner with us for a host of strategic product engineering initiatives,” said Gordon Brooks, CEO, Symphony Services, in a statement.
Symphony has added 37 new clients so far in 2008 and clocked a year-on-year revenue growth of 41 percent. However, the company did not disclose the absolute revenue and profit numbers.
“To continue this trajectory, expansion of our development facilities has become an integral part of our growth strategy in India and China. Our efforts in this arena are bearing fruit. In the fourth quarter, we will bring three new facilities online. All these developments contribute to excitement for 2009, which we anticipate will be another breakthrough year despite the downturn in the global economy,” Brooks said.
Product engineering services is largely untouched by the current credit crisis in the US. Faced with cost pressures, product companies are outsourcing their development work to specialist vendors such as Symphony.
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