Dallas headquartered IT services firm Accolite has announced the appointment of HCL Co-founder and ex-CEO of Headstrong, Arjun Malhotra as Chairman to its Advisory Board.
Chief Executive Officer of Accolite, Leela Kaza stated that Malhotra has been roped in to help scale up the company’s operations and transform into a $500 Mn enterprise.
“BFSI continues to be our cornerstone of growth and our aspiration is to generate $100 Mn in annual revenue in the vertical by 2023. Malhotra’s rich expertise, strategic insights, and network across the board will immensely benefit Accolite, not only in terms of scaling up but also in attracting top-notch talent which is critical to our future vision,” said Kaza.
Founded in 2007, Accolite is a bootstrapped IT services firm and specializes in the BFSI services space. The company’s other verticals include healthcare, telecommunication, logistics, and product engineering solutions. It currently generates about $23 Mn in revenue from its BFSI vertical. In the current financial year, the company’s overall revenue stands a little over $60 Mn as per the CEO, at a CAGR of 25%.
On his appointment to the board, Arjun Malhotra said, “They (Accolite) have done a very interesting job till now, they have marquee customers and have built a good organization. My objective is how I can create more jobs in India, so I thought here is an opportunity to help a company that is at a somewhat unique (stage) to grow to that size and to meet my own objectives.”
Malhotra comes with decades of experience. In 1975, he had co-founded and grew the HCL group from a six-person “garage operation” to one of India’s largest IT majors. He later served as the Chairman and CEO of financial services firm Headstrong before it was acquired by Genpact in 2011. He had also served as CEO and Chairman of TechSpan, which merged with Headstrong in 2003.
Malhotra’s expertise will be instrumental as the company pushes ahead with its vision to create a billion dollars in value for its clients in the next three to five years. Since it has never diluted (stake) nor has had a board, Malhotra’s appointment is a well-thought-out decision to help the firm in this transformation from a sub $100 Mn company to the next milestone of $300-500 Mn.