Business consulting and technology services provider Synechron provided guidance for the financial year 2016-17 on Friday, expecting global revenues of $405 million as it continues to expand both staff and location.
The 28 percent expected increase year-on-year is the highest in the last five years, with Synechron setting the target of achieving $1 billion in revenue by 2020.
Faisal Husain, Co-founder and CEO of Synechron, called 2016 “a fantastic year of growth and opportunity for Synechron”, saying that it would “continue throughout this year”.
“Our revenue target of $1 billion by 2020 reflects the confidence we have, and stability that underpins our growth. In 2016 we were able to successfully diversify our client base and geographical revenue lines to enable our business with a sustainable growth strategy.
“I am confident we can maintain this momentum and believe 2017 will be another record year for Synechron.”
In September 2016, Synechron launched six Blockchain Accelerators and a 50-person team across New York, London, Amsterdam, Dubai and Bangalore to advance blockchain innovation. Synechron identified six areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operation, creating Accelerators for each section. These include global payments, insurance claims processing and mortgage lending.
Blockchain is an online ledger recording transactions or information, currently widely used to facilitate the transfer of bitcoin or other cryptocurrency. More recently it has been investigated by digital companies aiming to use it in different ways, including tracking more mainstream assets, cutting costs and lowering the chance of fraud.