Kochi-based software product engineering and services firm, ThinkPalm Technologies, is looking at expanding its presence in the hitherto unexplored markets of Africa and Latin America.
Manoj KP, Director and CEO, said, initiatives are in place to set up sales channels and partner networks in these geographies with good business potential and opportunities for collaboration and expansion.
While Europe and US markets are the focus areas of many IT firms, Thinkpalm Technologies looked at the Japanese market in the initial stage itself. The company will be setting up a branch office in the UK shortly and will be strengthening the local presence on the US West coast. The partner network in Israel and Japan will also be strengthened to unearth new opportunities in these technology driven markets, he said.
Also read: Indian IT majors report weak Q4FY23 margins due to banking crisis impact
Santhosh Sankar, Director and CTO, and Rejish M Unni, Director (Global Sales and Marketing), said the company’s service portfolio covers enterprise business solutions, digital transformation services, IoT, AI/ML-based solutions and services, testing services, and embedded software and firmware solutions. Telecom and maritime are two of the keenly focused industry verticals, they said adding that the key focused markets are the US, UK, Europe, Israel, Singapore, Japan, and India.
“We work with some major global telecom and maritime organisations to develop new products and custom-built applications to solve their specific business/operational challenges”, Manoj said.
A product to automate and optimise dry-docking operations of ships is planned to be launched by mid-August this year. Right from inception, ThinkPalm has invested heavily in R&D and product development initiatives in core technology spaces, such as SDN/NFV, AI/ML, and industrial IoT, he said.
Also read: The bear market in IT stocks and waiting for the happy hours
With over 650 people working across Kochi, Chennai, and Thiruvananthapuram, the company is targeting to reach a headcount of 1,000 by the end of FY24. There are also plans to hire at least 100 fresh engineers from major engineering colleges in Kerala, Tamil Nadu, and Karnataka this year. The unique training programme helps freshers get equipped, both in the latest cutting-edge technologies and tools, as well as in the specific industry verticals/domains.
“We are targeting to be one of the top 20 IT organisations in Kerala by 2026 in terms of revenue and headcount by focussing on cutting edge technologies, innovative solutions, and appropriate market strategies”, he added.