Cigniti Technologies, a Hyderabad-based software testing solutions firm, will recruit 1,700 people in the next two years, taking the total to 2,500.
The company, which made revenues of Rs 150 crore last year, expects the figure to double this financial year, with the revenues from Gallop Solutions (which it acquired early this year) contributing 20-30 per cent.
“We will absorb the US company next year,” Sriram Rajaram, President (Strategy and Corporate Development) of Cigniti, told
The company is planning to close an acquisition in Europe or in Australia in a niche testing practice. “We are looking at companies with a revenue size of Rs 60-90 crore. We would like to add competencies in security testing, enterprise resource planning (ERP) or in telecom solutions testing. We hope to complete the deal in six months,” he said.
The company, which gets majority of revenues (90 per cent) from the North American market, is planning to de-risk the revenue strategy by expanding into European and Australian markets.
“We would like to have a business mix of 70:30 (North America and rest of the world) in the next two years. You cannot achieve all of this by organic growth. You need to have inorganic growth too,” he said.
The company would raise funds through preferential allotment of shares for the acquisition.
Revenue target
“Our target is to cross the Rs 600-crore mark in three years. We are aligning acquisition plans and organic growth plans to achieve this target. We would require 2,500 employees in all. We will hire 400 this financial year,” he said.
Cigniti Senior Vice-President (Global Delivery) Kalyana Rao Konda said the global demand for big data analytics solutions would drive testing opportunities. “You would require 44 lakh IT professionals globally to meet the demand in the next few years,” he said.
Sairam Vedam, who heads marketing for the company, said that India would require two lakh more testing professionals by 2020 to meet the domestic requirements.