Chandigarh -based software solutions provider Second Foundation is expanding with an investment of Rs 20 crore. The company has acquired a 1.5 acre plot in Rajiv Gandhi Technology Park, Chandigarh, and construction will start next month. Second Foundation provides software solutions to high-end customers in the UK, the US, and Europe and is a 100 per cent export-oriented unit. The company has clients from airlines, shipping companies, and security providers in the developed countries. The founder and the executive director of the company, T S Bakshi, told Business Standard that he started his venture four years back with a team of ten engineers and today he has a team of 400 software engineers. The company registered a turnover of Rs 6 crore in 2004-05 and is expected to record a turnover of Rs 25 crore in 2005-06. It aims to touch Rs 40 crore in the current year and Rs 300 crore in 2008-09. Bakshi attributes the fast growth of the company to the human resource team of the company. He says the team picked up the best talents in the market and that created a lot of goodwill in the western market. “The existing clients are enlarging their orders and new clients are also coming in with volumes.” The company has a tie-up with a US-based company, which identifies the customers for them. The foreign partner also provides a technical support by scanning the problems in their venture and training the professionals of their Indian partners on various parameters. Bakshi pointed out that there was a glut of work orders but he was short of hands. “The region, north of Delhi does not provide the required skill set for a software company. In my company only 20% of engineers are from Punjab and surrounding areas. We hold interviews regularly at Hyderabad, Bangalore and Delhi to recruit professionals. To overcome this hassle of shortage of quality man power, we are planning to open an office in NCR (National Capital Region) by the end of 2006. Due to the inadequate availability of local talent attrition rate is high in Chandigarh and that is big constraint in our expansion, said Bakshi. Bakshi indicated he was adding 50-70 professionals every month and planned to have a workforce of about 2,000 in the country. There was an immense potential in the international market and so he has no plans for exploring the domestic market, according to him.
Posted By Staff Reporter
in Punjab News
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