The local subsidiary of newly named Banyan Worldwide is expecting to generate revenues from its services business of around $6 million by the end of the year, according to officials.
Previously known as Banyan Systems, Banyan Worldwide recently renamed itself to cater for a change in focus from network product provider to network services and consulting.
According to Bruce McCarthy, managing director of Banyan Worldwide Australia and New Zealand, the new name is the culmination of two years' transformation for the company.
According to McCarthy, two years ago under the leadership of new CEO Bill Ferry, Banyan "set out to find out how to make money".
"Banyan had been known as a vendor of technology . . . we are now -- given the way product in this industry devalues -- leading with the services business," he said.
"We needed to consolidate and plan the transition . . . and build our services division."
According to McCarthy, with the transformation Banyan Worldwide has also launched a new corporate structure. The company has divided into three separate divisions: Banyan Worldwide Services, the global professional services and consulting arm; Banyan Technology Group; and Switchboard Incorporated, a Yellow Pages-style directory for North America.
Locally, under the new corporate structure McCarthy is hoping to grow the company substantially in terms of staff numbers.
"We would certainly like to have 35 people [by the end of the year]. There is some expectation to have 50 people," he said. The company currently employs 16 staff.
McCarthy said whilst Banyan plans to continue focusing on the top end of the market, the renaming and focus on services will open up opportunities for the company. McCarthy said Banyan will be hoping to move away from working with existing customers to extending its appeal to a broader range of enterprises.
"Our core competency is in directories," McCarthy said. "We will be relating that skill to the Internet . . . directories are a key component of that."