Financial Daily from THE HINDU group of publications
Wednesday, Jun 30, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 30, 2004 |
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Info-Tech
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Off-shore Development Mistral plans new US outfit Vishwanath Kulkarni
Bangalore , June 29 MISTRAL Software, the Bangalore-based IT firm operating in the real time embedded space, is planning to set up another subsidiary in the US to address the RFID (radio frequency identification) space. Mr Anees Ahmed, President and CEO, Mistral, said the proposed new subsidiary would raise between $5 million and $10 million by the end of next quarter to fund its activities. "We are in talks with a couple of venture capitalists, several individuals and some of our customers to raise funds for the new company," Mr Ahmed said. Mistral, at present, has a subsidiary in the US that takes care of the marketing activities. The new subsidiary with front-end operations in the US will have back-end development operations in Bangalore, Mr Anees said. "Setting up a separate company would help us to focus exclusively on the RFID space," he said, adding that it would address niche segments other than retail such as high net worth individuals and corporates. Mistral is in the process of setting up a separate team of 25-30 professionals, which would be hived off later to the new subsidiaryMistral expects to be back in the black for the current year with revenues projected to grow by 40 per cent to Rs 32 crore and estimated net profit of Rs 3 crore, Mr Ahmed said. For fiscal 2004, Mistral registered a net loss of Rs 2.3 crore on revenues of Rs 22 crore. The current fiscal has begun on a positive note as the company has a robust order pipeline from the existing customers, Mr Ahmed said. "We currently have orders to the tune of $2.5 million from existing customers," he said.
More Stories on : Off-shore Development | Software
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