Bangalore-based software testing firm RelQ on Tuesday announced plans to nearly double its headcount in the next six months to 1,000 and also invest $3 million in the development of infrastructure of test labs.
RelQ, whose clients include Vodafone, Palm, HP and Philips, currently has an employee strength of 550, including 120 in Europe and 35 in the US, the company's Co-Founder and President Prakash Mutalik told reporters.
ICICI and Acer Technologies of Taiwan together hold majority share-holding in RelQ, with the promoters' stake being "a little less than 50 per cent," he said.
Established in 1998,the company is set to post revenues of $21 million in 2005-06, Mutalik said, adding, the aim is to reach the $50 million mark in two years. The company has operations and clients across the US, the UK, France and Singapore besides India, he said.
The company, which offers testing, validation and verification services, is funding the expansion plans through internal accruals. It is sitting on a cash-profit of $4.5 million.
The company's Vice-President-Global Sales and Marketing, Rony Mathew Thomas said the worldwide testing market is estimated at around $14-15 billion and the global outsourcing testing market opportunity for 2006 has been pegged at $5.5 billion, of which nearly $4 billion is expected to be offshored to low-cost destinations.
{{/usCountry}}The company's Vice-President-Global Sales and Marketing, Rony Mathew Thomas said the worldwide testing market is estimated at around $14-15 billion and the global outsourcing testing market opportunity for 2006 has been pegged at $5.5 billion, of which nearly $4 billion is expected to be offshored to low-cost destinations.
{{/usCountry}}"Because of the established and dominant IT service sector, presence of organisations with matured processes and practices, and the versatile IT skill-sets of testing professionals, India has the potential to capture 50 per cent ($2 billion) of this outsourced market," he said.