Binu Jacob, managing director of Experion Technologies, recalls the time when his company was striving hard for survival. “In 2011, we were cash-strapped and working out of the basement of a large building, and providing services. We had little money to pay salaries, and cover operating cost,” he says. From being on the verge of bankruptcy, the company has today emerged as one of the top 50 fastest growing IT firms in India. According to Deloitte’s Technology Fast 50 India 2017 report, Experion Technologies has grown at a CAGR of 35%, from FY15 to FY18. The company’s revenue grew from Rs.192 million to Rs.350 million. The company expects to grow at 56% this financial year and clock Rs.550 million in revenue.
The Kerala-based IT firm provides products and services to transport, retail, healthcare and finance sectors through IoT, blockchain, cloud, mobile and web. The company has established its presence globally with customers in the US, Australia, New Zealand and Europe. Its client list comprises prestigious names such as Bacardi, Tyson, Citigroup, Aditya Birla Group, Supreme Foods and Dr. Oetker.
Jacob believes that innovation has been the key growth driver for the company. “You need to innovate to get new work. Our customers, who are sitting abroad, will only trust us if we have the knowledge and new technologies,” he says.
However, the ride was anything but smooth. In 2008, Jacob took over management control of Infocean Technologies, a fledgeling EU-based offshore services company with 11 employees, and re-christened it as Experion Technologies. “Promoters of Infocean Technologies approached me and asked me to help them in operating the company,” says Jacob. In February 2008, he resigned from his job in IBS, an airline software company serving Emirates, Etihad and American Airlines as its customers.
Soon after taking control of the company, Jacob decided to focus on creating products, as he believed it would be a highly profitable model. “You have to make the right product once, and it would be a profitable model if you have a lot of customers. You can make products in bulk and sell them to customers, without having to make different products for different customers,” says Jacob.
Under his guidance, the company began developing SMS-based applicat