Synechron to Undertake Major Expansion & Recruitment drive, Announces launch of strategic Mortgage Frameworks & entry into new business areas

Synechron, a US-based software solutions and services provider focusing on finance industry verticals such as mortgage banking, capital markets and insurance, plans on undertaking a major expansion drive over the course of the next several months. The SEI CMMI Level 3 certified company, which has experienced phenomenal growth since its inception in 2001, aims at increasing its current strength of over 700 professionals to a total strength in excess of 1000 over the next few months. Also in the pipeline are several new offices across the US, adding to the current centers in Connecticut, Tennessee, North Carolina and the company headquarters in Piscataway, New Jersey.

Synechron has evolved as one of the top 3 fastest growing companies in India, having managed to more than double its revenue, each year since inception in 2001. The company expects to end Financial year 2006 with revenues of around USD 30 million, a growth of around 110 % in revenue over the previous year.

Expansion plans at Synechron also include increase in the total headcount but also diversification of services and solutions. Synechron specializes in providing high-end, customized solutions to its clients, which include several key players and Fortune 1000 companies from the US. The company will be undertaking newer and more unique projects to augment the current service offerings.

As part of the expansion drive, Synechron also announced the release of its two new proprietary Strategic Solution Frameworks for the Mortgage Banking industry, adding to its existing list of turnkey products.

Synechron has leveraged its significant Technology & Process related experience and expertise in the Mortgage Banking Domain to develop its own strategic, reusable Mortgage Technology components that can be customized to seamlessly integrate with, and enhance existing Enterprise Mortgage Technology systems.

These components range from full fledged, integrable modular application frameworks to 'core building blocks' that can be speedily extended and utilized for large-scale customized implementations, thereby achieving specific business functionalities in a highly flexible, effective and economical manner.

The two high-end Strategic Frameworks developed as part of Synechron’s Mortgage Banking Domain are Synechron CRMS (Channel Relationship Management System) & Synechron MWSSF (Mortgage Web Services Solutions Framework).

These highly flexible and affordable integration frameworks are designed specifically for the mortgage industry and its most common internal and external interfaces and reporting tools and will reduce the time and effort required to implement, integrate, maintain & optimize the functioning of Loan Origination Systems and other mission critical technology applications that drive the enterprise Mortgage Technology Lifecycle.

In addition to the release of these Frameworks, Synechron has also entered into Remote Infrastructure Management & Support, a unique concept practiced only by a few select IT solution providers in India. This new undertaking will broaden Synechron’s existing business avenues significantly by allowing it to remotely manage the infrastructure and application services of its clients from its offshore development center in India. Using its proven technical competency and experience in IT infrastructure development, maintenance and support, Synechron will help its clients realize considerable cost benefits by allowing them to outsource their complex technology infrastructure management requirements. This not only ensures that a full-time dedicated team with the required skill sets is assigned to the task of remote management, but also reduces costs incurred in hiring new resources for the same.

Another new area that Synechron has ventured into at a relatively small scale is Outsourced HR processing services. This KPO initiative is in the early stages of being implemented for one of their major clients in the Insurance domain. Also on the anvil is a venture in Financial Process Outsourcing.

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