8KMiles renames as Securekloud Technologies, expects 30 pc revenue growth in 2021-22

The new vertical includes insurance, pharma and life sciences -- its flagship vertical that contributed 70 per cent of income.Following the crisis, two of its directors -- a promoter director and former chief financial officer R S Ramani and Gurumurthy Jayaraman made a sudden exit.Securekloud Technologies employs over 300 people here and a similar number in the US apart from hundreds of consultants.The companys shares on Wednesday closed 5 per cent up on the BSE at Rs 88.35.


PTI | Mumbai | Updated: 20-01-2021 20:51 IST | Created: 20-01-2021 20:51 IST
8KMiles renames as Securekloud Technologies, expects 30 pc revenue growth in 2021-22
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Leading cloud services provider 8KMiles Software, which will be rechristening as Securekloud Technologies from Thursday, expects to close the pandemic-ravaged 2020-21 flat, but sees better days ahead with revenue clipping at around 30 per cent in 2021-22.

The cloud player will rename as Securekloud Technologies from Thursday in its bid ''to become more vibrant and with vigour'', founder Chairman and Chief Executive Suresh Venkatachari told PTI on Wednesday.

''I expect to close FY21 flat with an annual revenue of around Rs 380 crore and book a margin of around 15 per cent on this.

''But, the next fiscal looks promising given our added focus on cloud, blockchain, artificial intelligence and data engineering which should help us grow our revenue by 25-30 per cent,'' he said.

He said the company has already got some big orders which will generate revenue from April.

The new revenue model that began last year wherein it began to focus on recurring income and more margins instead of projects-based revenue growth, which kept its margins low all these years, will also help attain higher growth, said Venkatachari.

The name change also reflects the new management in place which wants to be loud and clear about the fact that ''we are born cloud and are all about cloud'', Venkatachari said.

The company was in a bad phase since mid-2018, after a large-scale fraud was detected under the watch of some its key personnel which also led to a fraudulent sale of almost 80 per cent of Venkatachari's holding in the company by Quantum Brokers. The matter is sub-judice since February 2019 in the Madras High Court.

The problem began after its auditor Deloitte Haskins & Sells flagged the fraud at the company.

This crisis had also led the Sebi suspending trading on its shares for 10 months from November 2019 which resumed only from September 2020.

The company had last year hived off its flagship healthcare business into a separate entity as part of reorganisation of the firm with more focus on profitability.

It had hived off its healthcare and pharma business into a separate vertical Healthcare Triangle Inc, with a possible listing later. The new vertical includes insurance, pharma and life sciences -- its flagship vertical that contributed 70 per cent of income.

Following the crisis, two of its directors -- a promoter director and former chief financial officer R S Ramani and Gurumurthy Jayaraman made a sudden exit.

Securekloud Technologies employs over 300 people here and a similar number in the US apart from hundreds of consultants.

The company's shares on Wednesday closed 5 per cent up on the BSE at Rs 88.35.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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