Date:14/12/2006 URL: http://www.thehindubusinessline.com/2006/12/14/stories/2006121402520400.htm

Back Innominds to invest $5 m in expansion

Our Bureau

Hyderabad , Dec. 13

Technology product engineering services provider Innominds Software has announced plans to expand its India operations with an investment of about $5 million over the next two years.

The company, with its headquarters in Santa Clara, California, now employs about 350 people across its product development and delivery centres in the US and Hyderabad, and expects to increase this number to about 1,000 within two years.

The Co-Founder and Chief Executive Officer of Innominds, Mr Rao Vemula, said, "The company has all through been a closely held one and has had funds infused through core promoters. Now, as we take up new expansion plans, we expect to part fund this through internal accruals or even bring in strategic investors."

"The company is poised to register revenues of $8 million during the year and is targeting $40 million within two years. This projection is based on strong product development pipeline and potential for engineering services," Mr Vemula, said.