Type Public Area served U.S. | Traded as NASDAQ: SYNT Revenue 966.6 million USD (2016) | |
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Industry IT services, IT consulting Founded Troy, Michigan 1980 (1980) Founder Bharat Desai, Neerja Sethi Stock price SYNT (NASDAQ) US$ 16.61 -0.22 (-1.31%)3 Apr, 3:18 PM GMT-4 - Disclaimer CEO Nitin Rakesh (21 Apr 2014–) Headquarters Troy, Michigan, United States Subsidiaries SkillBay LLC, Syntel International Private Limited Profiles | ||
Syntel campus recruitment procedure academic criteria
Syntel, Inc. is a U.S.-based multinational provider of integrated technology and business services. Headquartered in Troy, Michigan, Syntel utilizes development centers in India. Syntel is a certified minority-owned business (MBE). The company is led by CEO and President Rakesh Khanna, who was appointed on November 3, 2016.
Contents
- Syntel campus recruitment procedure academic criteria
- History
- Business Model
- Operations
- Bharat Desai
- Prashant Ranade
- Rakesh Khanna
- Finances
- Awards and Recognitions
- References
History
Syntel was founded in Troy, Michigan in 1980 with an initial investment of $2,000 by Bharat Desai, and his wife, Neerja Sethi. Originally named Systems International, the company began by providing software staffing services to local corporations like General Motors (US), and some major Government Revenue projects, earning $30,000 in its first year.
Syntel sells to companies in the banking and financial services, insurance, healthcare and life sciences, retail, logistics and telecom, and manufacturing sectors. It uses offshore centers for its IT and KPO services.
Business Model
Syntel's growth during the early years prompted their leadership to explore additional service offerings to augment the core IT staffing business. In 1989, Syntel began providing development and maintenance services to its clients.
In 1992, with new development centers in India, Syntel began software outsourcing services with an onsite-offshore model, which connected software developers in India to project managers at client locations via an international telecommunications network.
Operations
Syntel's global headquarters is located in Troy, Michigan, in suburban Detroit, but has 30 worldwide facilities located in the United States, United Kingdom, Germany, Philippines, Australia, and Canada. The company's offshore software development centers are located in Mumbai, Chennai, Gurgaon and Pune, India, as well as Manila, Philippines. The Company's U.S.-based development centers are located in Phoenix, Arizona, Nashville, Tennessee, Memphis, Tennessee and suburban Baltimore, Maryland.
Syntel's first global development centers were established in Mumbai in 1992, and the company still maintains a strong presence in that city, as well as in Chennai. According to public filings, the company has over 80% of its billable workforce in India.
In 2005, Syntel inaugurated a large technology campus in Pune, with an initial capacity of 3,000 employees, which has since been expanded. In May, 2010, Syntel also opened the first phase of a 27-acre (110,000 m2) technology campus in Chennai, India.
On April 24, 2013, Syntel broke ground on a new Global Development Campus (GDC) in Tirunelveli, Tamil Nadu as an expansion of its campus-based infrastructure strategy. When complete, the campus will feature green design features such as an on-premises wind and solar farm for generating renewable energy. The company has also been allotted 25 acres of land in ELCOT IT Park, Madurai.
Bharat Desai
Bharat Desai is the chairman of Syntel. He co-founded Syntel in 1980 along with his wife, Neerja Sethi, and served as the company’s Chief Executive Officer from April 1980 to February 2009. He also handled presidential duties from April 1980 to December 21, 2006. Desai is an Electrical Engineer from Indian Institute of Technology (IIT), Mumbai, and received an MBA from the Ross School of Business at the University of Michigan, specializing in Finance.
He was named "Entrepreneur of the Year" by USA Today, NASDAQ and Crain's Detroit Business in 1996. He also received the IIT Alumnus of the Year award from the Indian Institute of Technology in 2004.
Prashant Ranade
Prashant Ranade, Co-Chairman of the Board, has been Syntel's former Executive Vice Chairman and a former Chief Executive Officer and President, a position to which he was appointed in February, 2010. He has been a Director of Syntel since June 15, 2007.
Prashant previously served as the Chief Executive Officer and President of Dematic GmbH & Co. KG (formerly known as Siemens Group Logistics and Assembly Systems, NA) from May 2003 to November 1, 2006.
Prashant is an alumnus of the Indian Institute of Technology, Mumbai and the University of Cincinnati. He completed his MBA at Xavier University in 1982.
Rakesh Khanna
Rakesh Khanna was appointed interim CEO and President on November 3, 2016 after serving as Chief Operating Officer since January 2012. He previously served as President of Syntel’s Banking and Financial Services Business Unit from 2005 until 2012. Khanna joined Syntel in 2005 from i-flex solutions after spending 10 years in various roles. Khanna holds a B.E. in Mechanical Engineering from Victoria Jubilee Technical Institute (VJTI) and an MBA from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai.
Finances
According to Syntel's Fourth Quarter and Full Year 2016 financial results, the company posted Q4 revenues of $237.9 million, Full Year 2016 revenue of $966.6 million and Earnings per share of $0.57. The Q3 2016 EPS was negatively impacted by $3.21 per share of one-time tax expense associated with a one-time repatriation of cash.