Thinksoft plans to hire 200 people

Expands its office infrastructure

Thinksoft Global Services, provider of offshore testing services to banking, financial services and insurance verticals, has expanded its office infrastructure by about 27,000 sq ft. The company also plans to increase its headcount by 200 in 2006.

The Chennai-based company has taken about 27,000 sq ft space in Guindy on lease as part of the expansion, which will see the total office of the company reaching 60,000 sq ft in the city. The company has invested about Rs 4 crore in the new facility, which will have a seating capacity for 300 people. This will be formally inaugurated on Thursday.

Addressing a press conference, Asvini Kumar, chief executive officer, Thinksoft, said: "With internal cost pressures and market demands for total cost of ownership reduction, services of specialist companies such as Thinksoft are sought after."

Supply chain in IT services was changing, he said adding that companies like Thinksoft had addressable market of about $80 million (about Rs 360 crore). "The size is expected to grow further," he said.

Thinksoft reported a growth of 60 per cent in its revenue to reach $8 million (about Rs 36 crore) during last year. It is expecting a growth of 75 per cent during this year. It added eight global clients last year.

During this year, the company is planning to hire 200 professionals, both freshers and experienced. The company at present employs 500 professionals.

Thinksoft operates dedicated India-based testing centres for many global financial institutions and has offices across USA, UK, Germany and Singapore.

It plans to strengthen its domain capability in insurance as it is not operating in a big way in this vertical. Its testing services in banking and financial services segment cover almost all aspects of banking.