Latest News | Magellanic Cloud Eyes Rs 600 Crore Revenue in Two Years ; Plans to Up Workforce to 5,000
Get latest articles and stories on Latest News at LatestLY. Hyderabad-based IT services provider Magellanic Cloud on Monday announced its strategic growth vision to surpass Rs 600 crore in revenues to be achieved within next two years.
Hyderabad, Feb 17 (PTI) Hyderabad-based IT services provider Magellanic Cloud on Monday announced its strategic growth vision to surpass Rs 600 crore in revenues to be achieved within next two years.
Magellanic Cloud Managing Director and Global CEO Joseph Sudheer Thumma, who made this announcement here, said that the company is banking on newer growth opportunities arising out of emergence of AI to achieve this target.
Magellanic Cloud reported revenue of Rs 564 crore in FY23-24, a company release said.
Joseph further said the company is aiming to up its head count to 5,000 to complement the growth targets.
The company said it invested over Rs 377 crore in acquiring leading-edge companies in e-surveillance, IT, and drone technology to drive future growth.
“These acquisitions are in pipeline, and round of talks and financials due diligence is underway. Magellanic Cloud is targeting to close the couple of deals on or before end of first quarter FY26,” the release said.
The company's upcoming AI and deep-tech center in Telangana will be a hub for next-gen video analytics and security solutions, it said.
"Our expanded facilities in Telangana will serve as a center of excellence for developing sophisticated video analytics systems that transform raw data into actionable intelligence for both public and private sector clients,” Joseph said.
The company which identifies itself as a technology focused, diversified firm offering e-surveillance, video analytics, deep-tech drone manufacturing and digital transformation focusing IT services, has upped its tech-play by integrating AI into its value proposition to domestic and global clients.
To encash on the AI bet, Magellanic Cloud has identified possibilities for capability enhancement and inorganic growth opportunities, the release said.
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