Subex appoints Surjeet Singh as managing director, CEO
05 Oct 2012
Telecom fraud detection software maker, Subex Systems, has appointed Surjeet Singh as managing director and chief executive officer with immediate effect, following the resignation of founder Subash Menon.
Last week, Menon resigned as its MD and CEO as the company was grappling with mounting debt. However, he will continue as a non-independent director of the company.
Menon would focus on his waste- and water management start-up Kivar Environ, founded three years ago. Kivar Environ generates Rs100 crore in annual revenues.
Singh, who was a nominee director on Subex's board, was previously president, international business, at Glodyne DecisionOne, and prior to that the chief financial officer with Patni Computer Systems.
Singh was also instrumental in enhancing shareholder value during his tenure at Patni. Prior to this, he was part of the founding team of Cymbal Corporation, a mid-sized telecom business support systems firm based out of Silicon Valley, which was acquired by Patni in 2004.
The company had made heavy borrowings to fund its acquisitions. In 2006, Subex had acquired the UK-based Azure Solutions for more than $140 million, which was one of its major buys. In 2007, it acquired Canadian telecom solutions provider Syndesis for $164.5 million.
With the fall in valuations, debts were serviced using FCCBs. The company had posted a net loss of Rs 4 crore in the June quarter.
''Given his outstanding entrepreneurial and leadership ability, we are confident that Subex will capture latent opportunities extend and enhance its market leadership,'' Sanjeev Aga, independent director at Subex said.
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