ValueLabs targets $40 mn revenue by 2006

Circuit EC / Hyderabad

ValueLabs is increasing its headcount at Hyderabad development centre to 1000 by 2005 from the existing level of 300. The company has already drawn up a $7 million plan to build its own campus on a two-acre land in Cyberabad. The new campus is expected to be completed by 2005. The 1.5 lakh sqft campus would house about 1500 professionals. ValueLabs is targeting a revenue figure of $40 million by October 2006. It recorded a 100 percent growth rate in revenue at $10 million by June 30, 2004 from $5.5 million in June 2003.

“We have decided invest about $1 million on marketing the products. By the year end, the headcount may go up by another 150 and operations will commence at the new 1.5 lakh sqft facility by June 2005,” Arjun Rao, CEO, ValueLabs, said.

The company focuses on application development combined with BPO to offer end-to-end solutions to its clients. Its client list includes Tibco, Maxi, Citibank, Abilizer etc. It anticipates a 100 per cent growth rate both in headcount and revenues

The company has plans to set up a team for Harman International Industries to build products in embedded systems and real time environments. The ISO-9001 certified company has already started the process for getting SEI-CMM Level 5 certification.