Financial Daily from THE HINDU group of publications
Thursday, Jun 24, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 24, 2004 |
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Info-Tech
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Restructuring Cybernet Soft to spin off Synaptris; infuse Rs 10 cr Our Bureau
Mr Shiv Kumar, CEO, Cybernet Software Systems Group, at a news conference in Chennai on Wednesday. - Bijoy Ghosh
Chennai , June 23 THE Cybernet Software Systems (CSS) group will spin off Synaptris Decisions, a software products division, into a separate company, and will infuse external funding of about $2.5 million (Rs 10 crore) into it. About 90 CSS employees will move to Synaptris, said Mr Shiv Kumar, CEO of Cybernet Software. ING Barings, a global private equity firm that had initially invested $1 million in the CSS group, now has the first right to invest further in Synaptris. A few years back ING Barings had invested $6 million (Rs 27 crore) in another group firm called SlashSupport, Mr Kumar told newspersons on Wednesday. The CSS group will look at investors with a strong presence in Silicon Valley, US and help in bringing good contacts for Synaptris, he added. The additional investment in Synaptris would be mainly used in sales and marketing of the company's reporting and business intelligence products - IntelliPRINTPLUS, IntelliVIEW and Synaptris Reporters. "These are business productivity solutions that a company can use to analyse various data, including sales and performance, and take business decisions accordingly." Synaptris, which has over 1,600 global customers, is now a "pure product" company. Companies like EDS, a global IT firm, have integrated IntelliVIEW into their applications, he said. Mr Kumar also said that in the next three years, Synpatris should become a $30-million (Rs 135-crore) firm from being a $5-million (Rs 22.5-crore) now.
More Stories on : Restructuring | Software
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