Romesh Wadhwani is one of the most influential and powerful people in the world of tech start-ups. He is famous for his start-up Symphony Technology Group (STG), a private firm that is created to invest and provide financial backups to the start-ups and operating companies. Wadhwani in spite of suffering from physical disability made it to one of the best engineering institutions of India and curved his career from scratch. He is also a great philanthropist who currently resides in Palo Alto, California, the U.S with a net worth of $3.3 billion.
The life story of Wadhwani
Romesh Wadhwani was born during the most vulnerable phase of India, that is, in 1947 and moved to India from Karachi when he was just an infant. When he was two years old, Wadhwani got affected by Polio. But, throughout his journey, Wadhwani proved that it was not a shortcoming for him. Initially, he faced a lot of trouble to get admission in the junior school but at the end, he made it to IIT Bombay where he studied Electrical Engineering. After completing his Bachelor’s degree, he went to Carnegie Mellon University, Pittsburgh to acquire a Master’s degree followed by PhD from the same university.
Wadhwani was never really interested to do a 9to5 job especially because he hated the thought of working for someone. So, after he graduated in 1972 he decided to stay back in America and start his own company. A lot of trouble came his way because of three main reasons, first he absolutely had no business idea given that he belonged to a family no business background and not acquiring a degree in
the business field, second, the start-up culture was absolutely not developed in Pittsburgh especially related to technology and third, he wasn’t even a citizen of America back then. streaming
Wadhwani overcame a lot of obstacles and finally convinced a venture capitalist to pay him $150,000 for his start-up. Wadhwani developed more than just a single start-up namely Aspect The success of Symphony Technology Group Development (software firm) and Symphony Technology Group. The former one was acquired by i2 Technologies in 1999 for $9.3 billion and the latter was founded in 2002. STG brought an immense amount of success to Wadhwani and currently, he plays the role of Executive Chairman. Since Wadhwani was a great philanthropist, he founded the Wadhwani Foundation mainly to focus on developing economies with huge potential. His main interest was in India because he noticed that when he moved to the U.S and started his own business the start-up culture of India was not developed. He, in one of his interviews, said that it would be impossible for him to start his own business had he planned to do it in India. So, he greatly focused on the economy of India and especially to the entrepreneurial domain.
The success of Symphony Technology Group
Wadhwani founded the firm in 2002 as an investment firm based on Palo Alto. STG is the parent company to other many products of Symphony like Symphony Teleca Corporation, Symphony Health Solutions etc. Symphony Teleca Corporation was formed in February 2012 after Teleca merged with
Symphony and started providing software solutions and Symphony Health Solutions was established in May of the same year after it acquired Healthcare Analytics. In the same year, the company also received a funding of $870 million and declared to invest in making better software solutions and services.
2013 for Symphony started with the acquisition of LexisNexis Screening Business from Reed Elsevier followed by Symphony Health Solutions named as the leading Research Firm in the market in May 2013.
In 2014, the company acquired Jobrapido, a firm known worldwide for talent acquisition; MDdatacor LLC, a data integration company that provided with patient’s information and many more.
This company was acquired by Symphony to form Symphony Performance Health. In September 2014, STG was named as the top R&D service provider by Zinnov and it also acquired McGraw-Hill Construction for $320 million. In April 2015, HARMAN acquired Symphony Teleca from STG which was pretty bad news for the company but STG coped up with it pretty well.
Apart from health solutions, STG also has many other products and released a few more in 2016. Some of the new products were demonstrated in 2016 HIMSS Conference.
In January 2017, the company acquired Fishbowl, a platform for the restaurant industry for $2 billion.
The company made a lot of acquisitions like this which is pretty impressive for a team with less than fifty members. The estimated annual revenue of the company is around $2.6 billion and the latest acquisition of the company was in Aril 2019 (RedSeal).
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more