Acquires two global companies one UK and other Hungary based, sets up base in Netherlands to expand into European markets, forays into South Africa and Australia, doubles headcount and office space in a year
Crosses $50 million revenue mark, targets $100 million in FY 2016-17
Techwave Consulting Inc., a global end-to-end IT services and solutions company headquartered in Exton, Pennsylvania, USA with Global Delivery Center in Hyderabad is on an expansion spree.
The company has recently acquired two global IT firms – Tech Advaita, a UK-based leader in Digital services and solutions, and a Hungary-based SAP services major, with whom it has signed a definitive agreement for acquisition. It has also set up a base in Europe at Netherlands in order to expand its footprint in European markets.
The mid-tier IT services company has also recently set up offices in South Africa and Australia. It has increased head count to 1500 from a little over 500 last year and also doubled its size of operations and office space.
In a press release today, Techwave CEO Damodar Rao Gummadapu said, that the company has already crossed $50 million revenue mark and is targeting a revenue of $100 million for the financial year 2016-17.
“We have chalked out our roadmap for significant growth through expansion of our global client base and strategic acquisitions to achieve a revenue target of $100 mn by the end of FY 2016-17,” Damodar Rao said adding that the company is looking forward to continuing its growth trajectory by investing heavily in ISMAC (Internet of Things, Social Media, Mobile, Analytics, and Cloud) and digital solutions. He further added that the company will soon be foraying into APAC region and other countries.
Damodar Rao said, that Techwave is acquiring companies to keep up pace with the UK market. “Tech Advaita brings in strong expertise across e-commerce (SAP Hybris, Oracle Commerce), web technologies and content management. Combined with Techwave’s established practices, this acquisition positions the company for leadership in addressing the fast-growing Digital services market,” Gummadapu informed. He said that the acquisition adds 40 more employees to its growing team of over 700 employees at its Global Delivery Center.
Together on an acquisition of these two companies, Techwave has invested US $4 million (INR 25crore). The investment was facilitated from internal accruals. The acquisition adds up to the company’s revenues by about US $8 mn (INR 50crore), added Gummadapu.
Europe Headquarter office was opened in the bustling city of Eindhoven in Netherlands to keep pace with the business growth in Europe. Eindhoven is a city brimming with energy, brainpower, work ethic and fun.
Techwave has its Global Delivery Center at Phoenix aVance Business Park in Madhapur, Hyderabad. This center supports Techwave’s clients from across the globe, informed it’s Chief Operating Officer Rajasekhar Gummadapu.
In addition to providing global support, this location enables a state-of-the-art Remote Infrastructure Management (RIM) services using integrated monitoring facility built at the GDC. Techwave has secured a prominent place in the global market for its ERP, Business Analytics and EPM solutions and implementation services.
Techwave has been providing advanced services such as Cloud Computing, Big Data Analytics and advanced data mining from its GDC in Hyderabad. This offshore delivery model will help clients get these services from a well-established firm that too in a cost-effective way, said Damodar Rao Gummadapu. It is typical to use offshore services for routine and maintenance works for clients, but Techwave is redefining offshore delivery by leveraging this model to help clients get quality premium services in emerging technologies.
Formed in 2004, Techwave is a leading provider of consulting services specializing in ERP, Enterprise Performance Management, Business Analytics, Big Data Analytics, Cloud and mobility space. Its clients include a combination of Fortune 500 companies, Federal, State and municipal agencies. Techwave is ranked 9th among the fastest growing companies in the region by the Philadelphia Business Journal and 15th under IT services domain in USA by the ‘Inc. 500’ magazine. The founders of Techwave belong to Telangana State.