Azure In News

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Azure Styx Infosoft is close to acquiring 49% stake in Philadelphia’s Citizen Financial Mortgage (CFM)

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Azure eyes $10 mn revenues in Mar '08

(Source : The Times of India)

AHMEDABAD: Ahmedabad based BPO player Azure Styx Infotech expects to close this year with $10 million. Dushyant Joshi, chief executive officer and managing director, Azure Styx Infotech said, “Azure was $3 million last year, while this year (March 08), we will close with $10 million, which translates into a 300% growth.”

The company, which started its humble beginnings as an IT training company in 1991, has come a long way. Recently, it took a 49% stake in Philadelphia-based mortgage broker company Citizen Financial Mortgage (CFM) for around $25 million. And the effect of the acquisition will come into play in the next financial year. “Due to this acquisition, Azure is expecting business worth $6 million in next year,” said Joshi.

Azure will be servicing clients of CFM through its knowledge process outsourcing hubs in India. When asked whether the subprime problem in US, would indirectly hit Azure, because of CFM's involvement in the realty business there, Dhaval Patel, managing director for Azure's US arm rubbished it and said, “The subprime problem in the US isn't that bad as it is made out to be. It is only a small percentage.” Meanwhile, Joe Peischl, chief operating officer for Azure's US subsidiary, pointed out that CFM has remained profitable and productive despite “the perceived turmoil in the market place.”

As far as future buyout plans were concerned, Joshi said that there were not any in the horizon right now. “We will focus on CFM relationship for 2008,” he said.