|HOME | INFOTECH | HEADLINES|
|October 13, 1998||
Zenith Software set to open office in USZenith Software Limited, which began as a company specialising in offshore business, is stepping into the US market next month.
Director P Sampath Kumar has said that the sanctions required to set up an office in the US have been obtained.
The company is in the process of entering a strategic alliance with an US-based consultancy firm. This would mark the beginning of the company's geographic expansion plans.
The investment would be to the tune of $200,000, which would be shared equally by Zenith Software and the US company.
The US firm would also pick up a seven to 10 per cent equity stake in Zenith Software.
"Zenith Software will fund the US operations through internal accruals,'' Sampath Kumar said. With the US operations going onstream, the company's turnover is likely to go up significantly this year.
It is expecting business to the tune of $3 million in the first year of operations in the US. Initially, Zenith Software will have about 30 consultants doing onsite work in the US.
On the company's plans for the domestic market, he said: "Zenith is looking at niche areas such as providing enterprise resource planning solutions for the insurance and banking industry. As of now, the company's main market is Europe where it operates through business partners.''
The company has about 50 consultants in India and this number is expected to grow to 200 in one year.
"The company is looking at an exponential growth in the next one year,'' he said. At present, the promoters hold a 90 per cent stake while the rest is with key employees.
"Once the market improves, the company plans to go public. Also, it will issue stock options to employees. For the year ended March '98, the company's turnover was Rs 8 million. This year, it is expected to go up to Rs 20 million,'' Sampath Kumar said.
- Compiled from the Indian media
SHOPPING HOME | BOOK SHOP | MUSIC SHOP | HOTEL RESERVATIONS
PERSONAL HOMEPAGES | FREE EMAIL | FEEDBACK