The Hindu Business Line : Logic Soft to take 5 pc stake in Vertex

Logic Soft would invest in five per cent of Vertex equity, Mr Ashok Kalluraya, Executive Director, Vertex, said here on Wednesday. It would bring a foreign direct investment of Rs 1.02 crore to Vertex.

Mr Satish Barapatre, President, Logic Soft, said Vertex would set up a centre of excellence in Pune for Logic Soft, dedicated for the development of Actuate, an enterprise reporting tool. The centre, to be housed at the Vertex office, would have a team of about 10 professionals to start with.

Logic Soft is into enterprise reporting and has about 50 consultants. The company has technology alliance with Actuate and See Beyond. It projects a turnover of $2.7 million for the current calendar year ending December 2004 and of $4 million by the end of 2005 with a strength of 100 consultants.

Mr Ashok said Vertex would close the current fiscal with a turnover of Rs 14 crore ($3.1million) and is looking at a turnover of close to Rs 70 crore within three years.

He noted the partnership of Logic Soft and Mitsui would help the company post a 100 per cent revenue growth every year for the next three years.

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