INTERRAIT ENTERS INDIA VIA TIE-UP WITH TATWA
Kolkata/Bhubaneswar, December 21, 2009
Business Standard
InterraIT, a USA-based innovative IT solutions provider has announced its foray into the India market through a strategic alliance with the city-based Tatwa Technologies. InterraIT, which has two development centres in Kolkata and Noida, has so far been providing complete software and IT solutions for the Fortune 500 companies in the US and other countries.
Asoke Laha, managing director and chief executive officer, InterraIT said, “InterraIT is serious about developing software solutions for Orissa and eastern India. We will be happy to offer our vast domain knowledge to serve the government and the people of Orissa.”
Commenting on the tie-up, A K Mohanty, managing director and chief executive officer, Tatwa Technologies said, “We are very hopeful of the alliance with InterraIT as we can jointly leverage our strengths into offering specialized solutions for e-governance.” InterraIT and Tatwa are working on a concept of mobile governance involving mobile applications in specialized fields. InterraIT’s strengths and its varied experience of world class project delivery for the Fortune 500 companies worldwide in wide spectrum of verticals and domains and exposure to the highest end technologies will now combine with Tatwa’s service experience in the domestic market, said an InterraIT release.
InterraIT’s consulting services and service delivery competencies will now be available to Orissa and other states through Tatwa’s market presence. Tatwa will also play a partnership role in maintenance, fine-tuning and even development on a case to case basis.
InterraIT and Tatwa are jointly planning serious inroads in the e-governance areas across India and also in mobile applications to provide services for the major telecom companies.
SOFTPRO PLANS TWO BUYOUTS IN US, UK
K Rajani Kanth, Chennai/Hyderabad, December 21, 2009
Business Standard
Hyderabad-based software provider, SoftPro Systems Limited, is looking at acquiring two companies by the end of the next financial year. The move is aimed at strengthening its position in the governance, risk and compliance (GRC) solutions space through both organic and inorganic growth.
“Footprint-wise, we currently have over 250 customers in the GRC space globally. However, to get on top of the charts, we might make two acquisitions if we get a right fit. US and the UK will be our major focus this time,” K Vijay Rao, vice-chairman of SoftPro, said.
The company will actively pursue the buyouts from the second quarter of 2010-11 for acquiring complementary technologies like business intelligence, gaining market access and getting new customers into its fold, he said, while declining to quantify the size of the acquisitions that it was proposing to make.
In June 2009, SoftPro had acquired South Africa-based Cura for a structured consideration of $19 million (Rs 90 crore) in an all-cash deal, which includes earnouts over the next three years. Globally, GRC as a market (software, advisory, consulting and services) is pegged at $30 billion, which is projected to touch $50 billion over the next five years.
SoftPro’s scrip ended the trade at Rs 244 on the BSE on Friday.
“With every multinational now looking at adopting GRC as a key management practice, we are developing Version-IV of Cura’s software to be ahead of the curve. We plan to roll it out in the next 16 months,” Rao said. The 150-strong company would hire 50 more professional at its global product development centre in Hyderabad, which was created at an investment of $3 million (Rs 14.1 crore), by March 2010.
SoftPro, which has set an internal target of achieving consolidated revenues of $200 million (Rs 940 crore) in the next five years, projects its revenues to touch $10 million (Rs 47 crore) this financial year, as against $7 million (Rs 33 crore) last fiscal.
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