Recently re-christened California-based UST Global has got cracking on $130-million expansion for its Indian subsidiary, headquartered in Kerala Technopark. Earlier, this $500-million software behemoth was known as US Technologies. Correspondingly its campus in Technopark would also double headcount of software professionals.
"From 5,500 software professionals now in Technopark, we expect to employ 10,000 of them shortly," Sajan Pillai, president and CEO, UST, said here.
The company also has plans to go for an IPO in the first quarter of 2009, he said. Through headcount push, UST targets $650 million revenues by 2009.
The expansion in Technopark is only a beginning. In a hub-and-spoke model leveraged on Technpark, UST intends to come out with more units in Tier-2 and Tier-3 cities in Tamil Nadu and Kerala.
At present, UST Global has bases in Asia Pacific, Chennai and Thiruvanathapuram. As many as 3500 of the staff now works in Technopark. The Technopark unit alone had fetched $250 million revenues last fiscal.
"The millions for expansion will flow in staggered in three phases. It is to be in $60 million at first, $40 million next and finally capped by another $30 million," he said.
As soon as the Kerala government gave 36 acres land inside Technopark, the company has started gearing up for setting up its own campus with 1.3 million sq ft built-up space. This is to facilitate doubling of manpower and business potential.
"It is not specific verticals, but big brands that we are after," said Cindy Andreotti, director, strategic affairs, UST Global. Not surprisingly, the company plans to double its catch of Fortune 500 companies in its client basket. As it is, UST Global has 42 clients from the Fortune 500 list. "Within two years this would be 72," said Sajan Pillai.