CHENNAI, India - Sify Technologies Limited (NASDAQ: NASDAQ:SIFY), a prominent Indian Digital ICT solutions provider, announced today the induction of Dr. Tom Bradicich as a Director on its Board. Dr. Bradicich brings with him a substantial track record from his previous leadership roles at major IT firms such as IBM (NYSE:IBM) and HPE, as well as board experience with Aspen Technology (NASDAQ:AZPN) and advisory roles at SparkCognition and a social media and silicon chip start-up.
With a history of developing and launching numerous software and systems products, Dr. Bradicich has received multiple patents and has been recognized with several industry accolades, including being named three times in CRN’s Top 100 Executives and Top 25 Disrupters. His contributions to the field have earned him a place in the IBM Academy of Technology, IEEE Life Membership, and an induction into the North Carolina State University Alumni Hall of Fame.
His philanthropic efforts include executive sponsorship of The Salvation Army and founding sockrelief.com, which aids the homeless and children in need. Dr. Bradicich is also an author, penning a book titled "The 1st Mover," detailing his extensive experience in business leadership and innovation.
Sify’s Chairman, Mr. Raju Vegesna, praised Dr. Bradicich’s reputation as a disruptive technologist and business leader, expressing confidence that his caliber and experience will be valuable assets to the company. Dr. Bradicich himself expressed his respect for Sify and anticipation to contribute to the company’s growth.
Sify Technologies, known for its comprehensive ICT services and solutions, emphasizes cloud-based offerings to meet the demands of the evolving digital economy. The company boasts a robust infrastructure, including state-of-the-art data centers and the largest MPLS network in India, catering to over 10,000 businesses across various sectors.
This move is expected to strengthen Sify's board with Dr. Bradicich's extensive experience and reinforce the company’s position in the ICT sector. The information for this article is based on a press release statement from Sify Technologies.
In other recent news, Sify Technologies has seen a series of noteworthy developments. The company reported mixed financial results for fiscal year 2023-2024, with a 7% increase in overall revenue amounting to INR 35,634 million. Despite this, there was a significant decrease in profits, with profit before tax and profit after tax declining by 77% and 93% respectively.
Furthermore, Sify Technologies announced the appointment of Dr. Ajay Kumar, former Defence Secretary for the Government of India, as a new Director on their Board. This follows the departure of three long-serving Directors from the Board.
The company also continues to invest in infrastructure and services, including a $7.22 million venture capital initiative in Silicon Valley startups, and a proposed rights offering to finance data center expansion and digital services business growth.
Looking ahead, Sify plans to launch two new greenfield data center projects in Noida and Chennai in fiscal 2025, with additional capacity expansions planned for Mumbai and another city in the following fiscal year.
InvestingPro Insights
Sify Technologies Limited (NASDAQ: SIFY) has recently made a strategic addition to its board, which coincides with some interesting financial metrics and market performance. As of the last twelve months ending Q4 2024, Sify has a market capitalization of approximately $79.05 million, which provides a snapshot of its size in the competitive tech landscape. Despite its significant market presence, the company's Price / Book multiple stands at a low 0.27, suggesting that the market may be undervaluing the company's assets relative to its share price.
Investors should note that Sify operates with a significant debt burden, an important factor to consider when evaluating the company's financial health. On the flip side, net income is expected to grow this year, according to PRONEWS24, which could signal potential for improvement in the company's profitability. Additionally, while the stock has experienced high volatility and a notable decline over the past year, with a one-year price total return of -77.89%, analysts predict the company will be profitable this year, which may interest those looking for turnaround opportunities.
For those interested in a deeper dive into Sify's financials and market performance, InvestingPro offers more insights and tips. There are currently 16 additional InvestingPro Tips available for Sify, which can be accessed at https://www.investing.com/pro/SIFY. These tips could provide valuable guidance for investors considering Sify as part of their portfolio. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking the full potential of InvestingPro's analytical tools.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.