Financial Daily from THE HINDU group of publications
Saturday, Jan 12, 2002
Thirdware to hard-sell business solution
Raja Simhan T.E.
CHENNAI, Jan. 11
THE Mumbai-based Thirdware Solution Ltd plans to aggressively market the business analysis solution, Hyperion Enterprise, among the Indian listed companies, after SEBI's (Securities and Exchange Board of India) guidelines on financial consolidation for corporates were made mandatory from the quarter ending March 31, 2002.
Developed by the US-based Hyperion Solutions Corporation, Hyperion Enterprise is a financial consolidation, reporting and analysis solution.
It performed various methodologies in the business management process including reporting what had happened in the business, analysing why it happened, modelling the results of potential internal and external changes on the business, and creating plans to carry out those changes that are beneficial to the business, the Thirdware Solution Director, Mr Pradeep Erinjery, told Business Line.
The Hyperion Enterprise solution cost Rs 60 lakh - Rs 1.20 crore, he said.
In India, Thirdware is a `premium' partner for the $497 million Hyperion Solutions, providing end-to-end consulting, implementation and support services for the Hyperion range of products.
Thirdware is a software services and e-business company, in which Ford Motor has a 20 per cent stake.
According to Mr Erinjery, Thirdware would target around 120 Indian listed companies, having multiple subsidiaries, required to report the consolidated financial statement.
"Many companies, with whom we had discussions, are not yet ready to meet the guidelines. Some of them are even doing the whole process manually, giving us good opportunity to market Hyperion Enterprise," he said. "There is a lack of awareness among the companies on the SEBI guidelines," he added.
The SEBI guidelines say that companies are required to furnish details such as segment-wise revenue, results and capital employed for every quarter from the quarter ended September 30, 2001
Companies using Hyperion solutions included Godrej Soaps, Bacardi Martini, Foster's India Ltd, Ford India, Piramal Enterprise and Knoll Pharmaceuticals, he said.
Globally, Hyperion assisted around 60 per cent of the Fortune 500 companies for corporate consolidation, he added.
Mr Erinjery said that Thirdware was yet to sell the Hyperion product in India, and was talking to 17 prospective customers.
For marketing the Hyperion products, the company would appoint partners in all the regions, beginning with the West.
According to Mr Erinjery, the company has eight professionals, mostly Chartered Accountants, working on Hyperion alone, and number would go up to 20 soon.
The company expects at least eight large clients, and a turnover of around Rs 5 crore from Hyperion alone in one year.
For the year ending March 31, 2001, Thirdware reported a turnover of Rs 15 crore, and expects to end the current fiscal year with 30-35 per cent growth over last year, he said.
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