Financial Daily from THE HINDU group of publications
Thursday, Nov 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 20, 2003 |
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Info-Tech
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Software FreeMarkets bullish on e-sourcing Our Bureau
Bangalore , Nov. 19 FREEMARKETS Services, an enterprise sourcing software and services company, will be focussing on small and medium sector in India to tap 30 per cent of the Rs 70,000-crore market potential in the next three years.Addressing a press conference here on Wednesday, top executives of the company, including its founder and Chairman, Mr Glen T. Meakem, said that from a "modest" Rs 214-crore worth of e-sourcing, FreeMarkets had transacted business volume worth Rs 6,000 crore in three years in India. They felt that with the potential in the SMEs and government departments and public sector units, the company could maintain annual growth of 100 per cent in revenues. The executives, however, declined to give any figure of revenue for India, which, along with the non-US business, contributes a third of the company's revenue. The company recorded revenue of $170 million last year. Mr Ravi Kumaraswami, Group Director, FreeMarkets, and in charge of India operations, said that the company offered a flexible portfolio of sourcing software and service solutions to companies to help them improve their sourcing processes.
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