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IT Solutions renamed, in $10 mn investment plan
Raghuvir Badrinath in Bangalore |
October 20, 2003 09:24 IST
The $50 million IT Solutions Inc, founded by ex-president of Wipro Systems president Mani Subramanian in Silicon Valley, has changed its corporate brand from IT Solutions, Inc to Caritor Inc.
The company under its expansion plans is expected to invest $10 million at its two offshore development centres in Bangalore and Chennai.
In addition to this, the company, which was started a decade ago is planning to up the pace of growth and is planning for an IPO when it touches the figure of $100 million. The company is targeting to touch $1 billion by 2011.
The company in addition to this is also planning to invest in new geographies including China, Canada and Eastern Europe. No official comments were forthcoming from the company on any of their plans.
The company in addition to its high-end software engineering solutions is also active in product development and holds 55 per cent stake in iConnect Inc, which specialises in collaborative commerce.
Caritor also has aggressively invested in the development of a customer service product, which is being used in call centre operations for its clients. The company currently employs around 1,400 professionals and this number is expected to be ramped up pretty fast.
"Our client base is growing significantly and our product development team will be strengthened further," a senior official at Caritor told Business Standard.
Analysts tracking the company highlighted the fact that when Subramanian started this venture in 1993, he never went to venture capitalists and instead borrowed $140,000 to kick-start IT Solutions.
"The analytical skills in the product development team is exceptionally high and this is reflected in the fact that Caritor invested around $3.5 million in the development of business intelligence and performance management software products under Influence Software of US," the analyst noted. Capitor which was initially focussing on database management, Internet/intranet management and enterprise resource planning now offers a complete range of services from software neutral services such as business analysis to heavy-duty software solution oriented practices such as applications management and business intelligence.