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| Sunday, 27 June 2004 |
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| News Business Features Editorial
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OfficeTiger on the Prowl Number of employees 70 by mid July, 140 by November, 450 by 2005 This is the story in a nutshell of OfficeTiger in Sri Lanka. Established in 1999 by two Havard business school graduates Randolph Altschuler and Joseph Siegelman, The US based company OfficeTiger established a BOI-approved venture in Sri Lanka as well recently. OfficeTiger a real time global resource service provider offers services in three segments, finance and accounting, corporate professional work and electronic content services. Finance and accounting deal with treasury functions/payables and receivables, reconciliation and administrative services. The company's electronic content services offer type setting, composition work, EDGAR fillings and knowledge management. The corporate professional division deals with research and analysis as well as desktop publishing. The client base of the company includes seven of the 12 large investment banks and four of the five largest equity companies in the US and Europe, in addition to several global management consultancies. Co CEO of OfficeTiger Siegelman in an interview with the Sunday Observer said that the company which has two facilities in the major cities of India looked at other countries to diversify the customer risk as well as the political risk. "Considering all factors we decided that Sri Lanka was the best country to establish a facility and asked about the challenges faced by the country," he said adding that all countries do have challenges. The BOI approved the company within three days and we will recruit a cadre of 70 within the next six weeks while another 70 will be recruited by November. The company plans to have a headcount of 450 by 2005 in Sri Lanka. "The quality of the staff employed by us is very high and this has led to us providng a superior service to all our clients back in Europe and USA," Siegelman said. "We will start with the pre-press area and move into analysis by the end of the year," he added. Altschuler works from USA while Siegelman spends more than 50% of his time in India. Before OfficeTiger was established, Altschuler worked at Donaldson, Lufkin, Jenrette, Deutsche Bank and the Blackstone group in New York city. Siegelman has experience with Lazard Freres, Goldman sachs and Whitehall Street funds. Funds amounting to US$18 million from Elwin Capital and Mountgrange Capital were used by them to start the company OfficeTiger. We started with just ten people and now we have about 1300 on our payroll. About 33 percent of our staff are MBA and CAs qualified while the balance are graduates, Siegelmen said. (SG) |
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