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|June 30, 1998||
Fusion to make private placement of sharesFusion Software Engineering Private Limited is to soon make a private placement of its equity shares to international mutual funds and high worth individuals.
The 100 per cent export oriented company is based in Bangalore and is promoted by a group of technocrats.
He said details including the premium are yet to be finalised. Poor market conditions forced the company to shelve its public issue plans and opt for the private placement route.
Fusion software would use the amount to part finance its market building and product development activities. "Fusion software is into a growth phase after consolidating its position in Europe, its main market," Santhanam claimed.
The company, which reported a turnover of Rs 40 million for the year ended March 1998 plans to more than double it to Rs 105 million this year (1998-99) and Rs 220 million the year after.
Santhanam said big orders such as the recent one from the Union Bank of Switzerland for executing a global IT project portfolio management system should help the company achieve projections.
The company's software development complex in Bangalore, which can house up to 150 professionals, became operational in November 1997.
Fusion software has tied up with the Switzerland based Rementa Anstalt, an international trading house with a good contact base in Europe and South America, to set up fusion technologies.
In order to have a greater presence in Europe, fusion technologies is planning to tie up with a company in France. Further, Fusion Software, with a view to increase its global reach for effective international operations, has a joint venture with Energy Systems Inc in Dubai to cater to the West Asian market.
The company, which specialises in offshore development, has a wholly owned subsidiary, Fusion Software SA in Switzerland and liaison offices in San Jose in the US and Bombay.
The company's focus areas include ERP solutions and three-tier solutions with client-server architecture and systems and process consulting.
At present, the company is into product development in a small way. "In the long run, increased focus on product development should be possible. But today, no international product can be created without fixed cost. Hence, currently, for fusion, the focus on product development is secondary," Santhanam said.
- Compiled from the Indian media
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