We want to be a billion dollar firm: CSS CEO
Jun 27 2013 , Chennai
“Our goal is to be a billion dollar company,” Ramesh said, adding that the San Jose, California-based firm, with revenue of around $200 million as of March 31, will pursue deals in its core service offerings of tech support, cloud and mobility. The company has delivery centres in India, US, Philippines, Poland, and Mauritius, and will open new centres in Costa Rica and China, for multi-lingual tech support, this year.
“Over the last two years, we have improved our utilisation to over 85 per cent, exited low margin deals worth around $10 million, and effected rate increases on exisiting contracts, which have all contributed to our bottom line,” he said. CSS has around 5,400 employees worldwide, and will recruit 250 more for its two new centres.
“To add value to their tech support solutions, the company is now offering analytics-led support,” Ramesh said.
Earlier this week, Switzerland-based private markets investment management firm Partners Group had announced that they had invested $270 million for a majority stake in CSS. Ramesh said that Partners Group now owned a 79 per cent stake, having purchased the stakes of three institutional investors – SAIF Partners, Goldman Sachs and Sierra Ventures, and individual investors.
Sanjay Chakrabarty, a technology entrepreneur, has also purchased a minority stake. The CSS board will now constitute four members from Partners Group, two representing Chakrabarty and Ramesh himself, he added. Founded in 1996, CSS has gone though several rounds of private equity funding and changes at the top management level in the last decade.