Syntel Shifts Focus to Healthcare Sector
It is no secret that the banking and financial services (BFSI) and manufacturing sectors were hit hard by the global recession. However, for Syntel Inc, a global provider of IT and KPO solutions, the BFSI vertical remained a strong growth area.
However, Syntel has now diversified client base into healthcare markets to counter the hit manufacturing sector.
Talking to CXOtoday, Keshav R. Murugesh, CEO of Syntel Inc, confirmed that the company s manufacturing revenues have declined over the last few years, so it was shifting client base away from the automotive sector and into healthier markets such as medical device manufacturing. "Over the long term, we feel that the healthcare and life sciences industry presents the best growth opportunity for Syntel. These moves required a significant investment in terms of personnel and technology, but in the future we expect them to pay dividends," he said.
As a US-owned and operated company with deep healthcare experience, Syntel believes in a strong position to serve this industry and prepare clients to meet the added complexities associated with regulatory compliance and data sensitivity.
The IT company has recently also diversified its client base and expanded its service offerings to include high-value strategic offerings such as Product Lifecycle Management (PLM) and engineering services.
As regards the BFSI sector, Murugesh said that contrary to what one might expect, BFSI has remained a strong growth area for Syntel, despite the recent turmoil in global financial markets. "BFSI accounts for more than half of Syntel s revenue, and we have seen incremental growth from this sector over the first three quarters of 2009," said Murugesh.
The company’s BFSI revenues actually grew by 38% in 2008 i.e. well above the overall growth rate of 22%., he said.
Syntel, which has its global development centers in India and the US, also has operations in other major industry sectors like retail and logistics.
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