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|March 30, 1998||
Magic, Nextstep tie up
Magic Software Enterprises of Israel and Nextstep Infotech have together set up a joint venture in Pune.
The joint venture will distribute and support the Israeli firm's main product, Magic, designed for multi-tier client/server and Net-related work. The company also hopes to target take on offshore projects involving rapid application development tools.
The immediate target of the joint venture are software firms and large business houses and banks. It also intends to train people for specific projects. As part of a publicity and awareness campaign, it will provide its software free of cost to students at some universities in India.
Magic Software is a multinational with subsidiaries in the United States, UK, France, Germany, Italy, Netherlands and Israel. Nextstep Infotech Private Limited, one of the main users of the software, de develops and supports the Cheq Mate range of software for the Indian banking industry.
The joint venture targeted a turnover of at least Rs 46 million in its first year of operation, with a net profit of 20 per cent, and a growth rate of about 30 to 40 per cent per annum.
-Compiled from the Indian media
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