The company, which is listed on the Australian Stock Exchange and has a 50-member R&D wing in Chennai, has already implemented its product 'Adaptive Binary Optimisation' at Puttaparthi and White Field Super Specialty Hospitals free of cost, its executive chairman and managing director Ravindran Govindan said.

"ABO is a core technology ushering in the new era of data management across the world and is set to become pervasive across all sectors," he said.

ABO, for which patent applications are pending, compresses digital data, sound, video and image files in a "mathematically loss less" manner, said Anand Thyagarajan, executive vice-president, MatrixView.

ABO has the ability to scale or increase compression ratios, he said, adding in certain cases, the engineers could compress the image to more than 3,000 times without any data loss.

For Indian banks, the technology could be used to send mortgage files from the original destination to the head offices, Govindan said. This will speed up the processing time considerably.

The financial services sector, including some PSU banks are "very interested" in the product, Govindan added.