Digital software solutions provider Total IT Solutions said on Monday it will raise $10 million through private equity and venture capitalist firms for funding its expansion.
"We plan to raise $10 million through private equity and venture capitalist and will be investing the same in expanding our operations to new geographies like West Asia and new regions in Asia," Total IT Solutions Managing Director Rajiv Mishra told PTI.
The company is also expecting over 22 per cent rise in its turnover this year at Rs 22 crore (Rs 220 million) against Rs 18 crore (Rs 180 million) last year, he added.
Mishra said the company has already initiated plans for market expansion with many leading companies of the region for distribution of their products and solutions.
"We have gone through extensive market research in West Asia and
Asia before initiating our sales and marketing plan with companies which have strong foothold in the region and having existing relationship with libraries in the region," Mishra said.
Total IT Solutions, currently has 100 professionals and plans to increase the headcount across all its centres to 500, he added.
The company's e-library solution has already been implemented across 200 institutes in the country.
The firm also plans to launch a search portal -- Globalperiodical.com, which researchers can use to look for journals. E-library software solution helps the traditional libraries to migrate to the digital platform.
Other products from the company's stable includes -- electronic journals server, solutions, virtual library, library digitisation, e-subscription and library security and inventory solutions among others.
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