Hyderabad: ValueLabs has announced plans to invest about $7 million in a new development centre here and grow its team from the current 300 people to about 600 by the year-end.
The Chief Executive Officer of ValueLabs, Mr Arjun Rao, said the company would invest from internal accruals in the centre to be located adjacent the Oracle centre coming up at Madhapur near Hitec City.
The new centre will have a capacity to host about 1,500 people. To be completed within 14 months, the centre will have a built-up space of about 1,50,000 sq. ft.
Privately funded and established in 1997, the company has several of the promoters from top management schools.
Presently, ValueLabs is managing eight long-term strategic relationships with overseas development centres. This ranges from consulting inputs to clients to leveraging off-shoring opportunities.
"The annual rate of growth is in excess of 100 per cent and by next year, we expect to grow to about 1,000 people,'' Mr Rao said. The investments in the development centre and related areas are aimed to support these requirements, Mr Rao said.
The Hyderabad Software Exporters Association and the jury headed by Ernst & Young, had adjudged ValueLabs as the Best Indian Small and Medium Eenterprise for 2003 in the IT sector," he said.