This first timer into the DQ Top50 club was one of the earliest American software services companies to set up an offshore location in India in 1991. In FY 2005, the Indian development centers in Pune, Hyderabad and Chennai constituted 80% of Kanbay's manpower globally, and contributed nearly half its revenues.

What helped Kanbay in 2004-05 was its singular focus on the financial services domain-to that end, it exited its security and connectivity business in Australia (sold off to Loop Technology) and also acquired Accurum for $12 mn to augment its traditional strengths in banking, credit cards and credit-related activities. Post acquisition, Kanbay ended the year with 52 active clients-Household International and its affiliates within HSBC, was the biggest, contributing 55%, followed by Morgan Stanley.