President and chief operating officer, Infusion Development Corp., Toronto
Globe and Mail Update
May 7, 2007 at 5:30 PM EDT
During his final year at the University of Waterloo in 2000, Alim Somani did some consulting work out of his home for Infusion Development, a New York-based information-technology firm that served the financial services industry. The company was so pleased that, within a few months, he was asked, “Instead of doing your own thing when you graduate, why not start an office in Canada?”
Mr. Somani, who had planned to start his own business, accepted and thus became head of Infusion’s Canadian operations.
But success was not quick in coming. The tech bubble burst, and offshoring — the practice of sending IT work to be done in India and other countries — became the rage.
“It was a matter of time before our work was outsourced as well,” recalls Mr. Somani, who was promoted to chief operating officer at the tender age of 23. For a while, Infusion ran an office in India, too. But the complexity of the assignments — devising fixed income and derivatives trading systems — was beyond the capability of local software developers.
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