Date:30/08/2007 URL: http://www.thehindubusinessline.com/2007/08/30/stories/2007083051960200.htm

Back String Real Estate to ramp up operations

Our Bureau

Chennai, Aug. 29 String Real Estate Information Services, provider of back office transaction processing support to the US-based mortgage lenders, will ramp up its operations in Chennai and start centres in Tiruchi and Madurai.

By March 2008, the Chennai-based company will have around 1,110 employees from the present 450, and plans to recruit 200 employees each in Tiruchi and Madurai.

Revenue will double to $12 million (around Rs 50 crore) by then, Mr Prashant P. Kothari, President and founder of String, told reporters.

The company will spend around $4 million (Rs 16 crore) on the expansion, he said.

String’s clients (names were not revealed) are mid-size mortgage lenders doing annual business between $500 million and $5 billion. Its employees provide services such as checking for any anomaly in the assets of the borrowers and give credit report of the borrowers.The annual back-office and transaction processing for US clients is worth $100 billion and of this, at least $10 billion can be done offshore.