Inauguration of Global Innovation Center

Plans to invest $10 m, double its headcount.
Inaugurates “Global Innovation Center” on IT Corridor.

Chennai, October 5, 2005: Aspire Systems, one of the leading OPD firms in India, today inaugurated its “Global Innovation Center”, a state of the art development center at the SIPCOT IT Park at Siruseri, Chennai.

Speaking to the media at the inauguration, Mr. Gowri Shankar Subramanian, Chief Executive Office, Aspire Systems said, “We are witnessing strong demand for outsourced product development services from small and medium sized product companies in the US owing to their increased focus on delivering products to the markets. We believe that this demand will witness further traction and we can reach Rs. 100 crores in revenue by 2008 by riding this wave.”

The Global Innovation Center is spread over 4 acres of land and is being built in three phases. Cosmo, the first phase, has been built with an investment of Rs. 10 crores. It has 45,000 sq. ft. of built up area and can seat 275 professionals. Once all three phases are completed, the Global Innovation Centre will have a built up area of 120,000 sq. ft. and will be able to accommodate 1200 professionals. The construction of the second phase has already begun and will be completed by January 2006.

“We plan to increase our people strength to 400-500 and double our turnover to touch Rs. 20-25 crores this financial year. Our goal is to recruit people who have high-levels of competence in building architectural frameworks for high end product development. The core technology focus areas are .NET, Java, C/C++ and Testing,” says Bhoovarahan Thirumalai, Executive Vice-President & Co-Founder.

A Nasscom-McKinsey report predicts that the revenues from the products and technology services market in India will be $8-11 billion by 2008. Aspire Systems believes that product development in the software market will be a specialized service. Aspire will be investing $10 m over the next few years towards infrastructure, manpower, technology and training to garner a larger pie of the OPD market.