Caritor is a global IT services company, incorporated in 1993 and headquartered in San Ramon, CA. We have operations in the USA, UK, France, Singapore, Australia, and UAE with distributed offshore development centers in India at Bangalore and Chennai. Caritor has achieved significant growth since its inception, with revenues of $58 million in 2003, $89 million in 2004, $113 million in 2005 and $152 million in 2006 respectively. We currently employ over 4,000 people across the globe. The processes adopted by Caritor delivery centers are assessed at CMMI 1.2 Level 5, CMM Level 5 and our human resource practices have been assessed at PCMM Level 5. Further, Caritor is certified for ISO 9001:2000 and BS 7799:2002 standards.
To support this growth we are achieving, we are continuing to make large investments in our offshore infrastructure at Chennai, Bangalore and elsewhere in India. We are expecting to invest more than $18 million in the near future to enhance our capacity and capabilities. This is in line with our belief that offshore outsourcing is gaining prominence among global 2000 companies, and customer's are increasingly looking at off-shoring end-to-end services to realize cost/ productivity benefits.