Syntel
Encyclopedia
Syntel, Inc. is a global provider of Information Technology
(IT) and Knowledge Process Outsourcing
(KPO) solutions, with global development centers in India
and the United States
.
Syntel was founded in Troy, Michigan
in 1980 with an initial investment of $2,000. Its founders were Bharat Desai
,who received an MBA in finance from Stephen M. Ross School of Business, University of Michigan and a Bachelor of Technology degree from the Indian Institute of Technology (IIT) Bombay
, Mumbai, India, and Neerja Sethi. Originally named Systems International, the company began providing software staffing services to local corporations, earning $30,000 in its first year.
On February 1, 2010, Syntel announced the promotion of Prashant Ranade to the position of CEO. Founder and former CEO Bharat Desai
will continue to serve as Chairman of the Board, and is the majority shareholder
.
As of March 31, 2011, Syntel has over 17,600 employees and annual revenues in excess of $532 million.
staffing
business.
In 1999, Syntel began providing development and maintenance services to its clients. With the addition in 1992 of its first wholly owned development centers in India
, Syntel began offering software outsourcing services on an onsite/offshore model, which connected software developers in India
to project manager
s at the client's location via an international telecommunications network.
This model allowed Syntel to offer the cost of offshore
labor rates with the flexibility and responsiveness of onsite project management
. This method of IT service delivery is now widely known as the Global Delivery Model, and Syntel was among the first US-based companies to offer this service to its clients.
.
, in suburban Detroit. Syntel has 27 worldwide facilities, located in the Germany
, Singapore
, and Hong Kong
. The company's offshore software development centers are located in Mumbai
, Hyderabad, Chennai
, and Pune
, India. Its US-based development centers are located in Phoenix, Arizona
; Nashville, Tennessee
; and Memphis, Tennessee
.
Syntel's Mumbai
development centers currently employ over 4,000 software professionals, with another 2,000 located in Chennai
. In 2004, Syntel broke ground on a new technology campus in Pune
, India. The first phase, opened in 2005, has capacity for 3,000 employees. When completed, the facility will house over 9,000 software engineers.
Syntel also opened the first phase of its new 27 acres (109,265.2 m²) technology campus in Chennai
, India in May, 2010. The Chennai campus currently has capacity for 1,700 developers, with plans to eventually expand the facility to accommodate a staff of 10,000.
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
(IT) and Knowledge Process Outsourcing
Knowledge process outsourcing
Knowledge process outsourcing is a form of outsourcing, in which knowledge-related and information-related work is carried out by workers in a different company or by a subsidiary of the same organization, which may be in the same country or in an offshore location to save cost...
(KPO) solutions, with global development centers in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Syntel was founded in Troy, Michigan
Troy, Michigan
Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
in 1980 with an initial investment of $2,000. Its founders were Bharat Desai
Bharat Desai
Bharat Desai is an Indian American entrepreneur and founder of Syntel. He currently serves as Chairman of Syntel headquartered in Troy, Michigan. Desai co-founded Syntel in 1980 with his future wife Neerja Sethi. As of April 16, 2009, it had a market capitalization of $943 million. Desai was...
,who received an MBA in finance from Stephen M. Ross School of Business, University of Michigan and a Bachelor of Technology degree from the Indian Institute of Technology (IIT) Bombay
Indian Institute of Technology Bombay
The Indian Institute of Technology Bombay , popularly known as IIT Bombay or IITB, is a public research university located in Powai, Mumbai...
, Mumbai, India, and Neerja Sethi. Originally named Systems International, the company began providing software staffing services to local corporations, earning $30,000 in its first year.
On February 1, 2010, Syntel announced the promotion of Prashant Ranade to the position of CEO. Founder and former CEO Bharat Desai
Bharat Desai
Bharat Desai is an Indian American entrepreneur and founder of Syntel. He currently serves as Chairman of Syntel headquartered in Troy, Michigan. Desai co-founded Syntel in 1980 with his future wife Neerja Sethi. As of April 16, 2009, it had a market capitalization of $943 million. Desai was...
will continue to serve as Chairman of the Board, and is the majority shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
.
As of March 31, 2011, Syntel has over 17,600 employees and annual revenues in excess of $532 million.
Global Delivery
Syntel's rapid growth during the early years prompted its leadership to begin exploring additional service offerings to augment its core ITInformation technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
staffing
Employment agency
An employment agency is an organization which matches employers to employees. In all developed countries there is a publicly funded employment agency and multiple private businesses which also act as employment agencies.-Public employment agencies:...
business.
In 1999, Syntel began providing development and maintenance services to its clients. With the addition in 1992 of its first wholly owned development centers in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Syntel began offering software outsourcing services on an onsite/offshore model, which connected software developers in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
to project manager
Project manager
A project manager is a professional in the field of project management. Project managers can have the responsibility of the planning, execution, and closing of any project, typically relating to construction industry, architecture, computer networking, telecommunications or software...
s at the client's location via an international telecommunications network.
This model allowed Syntel to offer the cost of offshore
Offshoring
Offshoring describes the relocation by a company of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Even state governments employ offshoring...
labor rates with the flexibility and responsiveness of onsite project management
Project management
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end , undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value...
. This method of IT service delivery is now widely known as the Global Delivery Model, and Syntel was among the first US-based companies to offer this service to its clients.
.
Worldwide Offices
Syntel's global headquarters is located in Troy, MichiganTroy, Michigan
Troy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
, in suburban Detroit. Syntel has 27 worldwide facilities, located in the Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, and Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. The company's offshore software development centers are located in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, Hyderabad, Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, and Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
, India. Its US-based development centers are located in Phoenix, Arizona
Phoenix, Arizona
Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populated city in the United States. Phoenix is home to 1,445,632 people according to the official 2010 U.S. Census Bureau data...
; Nashville, Tennessee
Nashville, Tennessee
Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
; and Memphis, Tennessee
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
.
Syntel's Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
development centers currently employ over 4,000 software professionals, with another 2,000 located in Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
. In 2004, Syntel broke ground on a new technology campus in Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
, India. The first phase, opened in 2005, has capacity for 3,000 employees. When completed, the facility will house over 9,000 software engineers.
Syntel also opened the first phase of its new 27 acres (109,265.2 m²) technology campus in Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, India in May, 2010. The Chennai campus currently has capacity for 1,700 developers, with plans to eventually expand the facility to accommodate a staff of 10,000.
Company history
- 1980: Syntel founded as a staff augmentation firm, an offering later known as TeamSourcing.
- 1988: Syntel begins providing full lifecycle maintenance, development, and migration services, which later evolve into the IntelliSourcing service offering.
- 1992: Syntel opens its first two Global Development Centers in Mumbai and Chennai India, making it one of the first U.S.-based IT service companies to employ a global delivery model.
- 1994: Syntel’s revenues top $50 million and employs over 1,000 staff.
- 1994: Syntel opens a third Global Development Center in Cary, North CarolinaCary, North CarolinaCary is a large town and suburb of Raleigh, North Carolina in Wake and Chatham counties in the U.S. state of North Carolina. Located almost entirely in Wake County, it is the second largest municipality in that county and the third largest municipality in The Triangle after Raleigh and Durham...
, which serves as US hub for Syntel's global voice and data network. - 1997: Syntel becomes a public companyPublic companyThis is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
in August, as the stock begins trading on NASDAQNASDAQThe NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
as SYNT; 3.45 million shares floated in its Initial Public OfferingInitial public offeringAn initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
(IPO); Syntel opens offices in LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
; revenues pass the $100 million mark. - 1998: Syntel's Mumbai and Chennai Global Development Centers earn ISO 9001 certification; Syntel ranked #2 in Forbes’ “200 Best Small Companies in America”
- 2000: Syntel begins exploring BPO service offerings by migrating its own HR, Finance and Helpdesk operations from the US to India.
- 2001: Syntel’s Global Development Centers assessed at SEI CMMCMMCMM can refer to:*Center for Molecular Medicine , a research institute in Sweden*Coordinate-measuring machine, a device for dimensional measuring*Capability Maturity Model, tool for assessing processes in organizations...
Level 5, making Syntel one of only 15 U.S. companies to achieve this standard; Syntel opens healthcare-focused Global Development Center in Nashville, TN and a regional office in MunichMunichMunich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
, Germany. - 2002: Syntel opens Global Development Centers in Phoenix, AZ and Pune, India.
- 2003: Syntel’s Global Development Centers in Mumbai and Chennai achieve ISO 9001:2000 certification.
- 2004: Syntel opens dedicated BPO center in Mumbai; Syntel’s Global Development Centers achieve BS 7799BS 7799BS 7799 was a standard originally published by BSI Group in 1995. It was written by the United Kingdom Government's Department of Trade and Industry , and consisted of several parts....
security certification. - 2005: Syntel's Global Development Centers achieve SEI CMMi Level 5; Syntel opens the first phase of its Pune Technology Campus. Syntel acquires a 27 acres (109,265.2 m²) parcel of land in Chennai for a second technology campus.
- 2008: Syntel breaks ground on its Chennai technology campus and records more than $400 million in revenues for the first time.
- 2009: Syntel promotes Keshav Murugesh to the post of President & CEO. Bharat Desai remains as Chairman of the Board.
- 2010: Prashant Ranade becomes Syntel CEO; Syntel opens the first phase of its Chennai technology campus
- EnergyEnergyIn physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
- Financial ServicesFinancial servicesFinancial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
- InsuranceInsuranceIn law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
- Health CareHealth careHealth care is the diagnosis, treatment, and prevention of disease, illness, injury, and other physical and mental impairments in humans. Health care is delivered by practitioners in medicine, chiropractic, dentistry, nursing, pharmacy, allied health, and other care providers...
- ManufacturingManufacturingManufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
/Automotive - RetailRetailRetail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
- Telecommunications
- LogisticsLogisticsLogistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...