SumTotal Systems invests USD 40 million in IDC

By Staff
|
Google Oneindia News

Hyderabad, May 18 (UNI) SumTotal Systems, a service provider, today announced new investments amounting to USD 40 million on their India Development Centre (IDC) here in view of plans to revamp business across the globe to USD 500 million in the next five years.

The NASDAQ listed company opened its IDC at the IT Park with an investment of USD two million. Initially the new venture would employ 250 persons and would later increase the headcount by 300 by the year end.

Sudheer Koneru, Managing Director, SumTotal Systems India said the company's major chunk of research and development, professional services, technology support and international delivery happens in Hyderabad.

The Company had also set up direct sales and marketing team at Hyderabad to work with its partners like Computer Associates, Satyam and NIIT to market and sell its products and services in India.

Speaking to the media, Don Fowler, CEO, said the company, which improved business from USD 37 million to USD 100 million in the year 2005, had a 20 per cent market share in the learning segment globally catering to 1500 customers, in which 60 per cent were Fortune 100.

He added the company was planning five-fold growth through mergers and acquisitions and planned to increase its global reach targeting USD 500 million business over the next five years.

UNI DB AJ 1734

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