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The Indian-founded, US (Palo Alto)-based IT company Symphony Technology Group has reportedly received a funding of $1 billion from its founder chairman Romesh Wadhwani and also the Government of Singapore Investment Corporation (GIC). A Times of India report says Wadhwani has put in $500 million in his personal capacity, while GIC $300 million and two unnamed US investors have put in $100 million each.
STG will use the $1 billion fund to undertake organic and in-organic expansion activities across the globe, with a focus on India, the report adds. It plans a Wipro-style string-of-pearl strategy under which it will acquire four to five US, European and Indian software services companies operating in FMCG, retail, healthcare and financial services verticals.
‘‘We realise that increased focus and dependence on India is key to achieve our revenue target of over $5 billion by 2010, against $2.1 billion currently. We will also have an employee base of 25,000 then, up from 12,000 currently,'' Wadhwani told the paper.