The business process outsourcing company Datamatics Technologies has formed a joint venture with the United States-based Cadmus Communications Corporation to provide content processing services to science, technical and medicine (STM) publishers around the world.

"The JV known as KnowledgeWorks Global Ltd, has been formed with an investment of $1 million and will provide highly automated content services for journals, periodicals and books including data conversion, copy editing and issue management and full service composition," Manish Modi, managing director, Datamatics, told reporters in Mumbai on Friday.

KGL, the 80:20 JV between Cadmus and Datamatics, expects to close the first year of operations with revenues of $5-6 million.

It expects revenue of $20 million in the third year, he said.

While Datamatics would service the existing customers of Cadmus in the US, KGL would scout for new clients in Europe and Australia, he said, adding the new company was eyeing 10 per cent of the European market in the first 12 months of operations.

The company also plans to ramp up its workforce to 400 by the first year and further to 1,000 by the third year, he said, adding that apart from the existing one at Mumbai, KGL would open an independent facility in Chennai by January next year.

KGL at present had two clients and was in the process of finalising with three more by the month end, he said.

The JV was in line with Cadmus' goal of reaching 35 per cent of the global share in the STM publishing market, he said.