Financial Daily from THE HINDU group of publications
Monday, Mar 21, 2005
Financial Daily from THE HINDU group of publications Monday, Mar 21, 2005 |
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Info-Tech
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Software Financial Software plans own campus in Chennai Raja Simhan T.E.
Chennai , March 20 FINANCIAL Software & Systems (FSS), a Chennai-based provider of electronic banking and commerce solutions for the banking and financial sector, is ramping up its infrastructure and employee strength in Chennai and Mumbai. The company, which got a second round funding of $10 million (Rs 45 crore) from Carlyle Asia Venture Partners last year, plans to develop its own campus at Siruseri on the IT corridor at a total cost of Rs 10 crore-12 crore, according to the company's Managing Director, Mr Nagaraj Mylandla. In November 2000, Carlyle invested $2.15 million in Series A Common Stock of FSS at a pre-money evaluation of approximately $12 million, according to information available on the Carlyle Web site. Last year FSS added 150 employees at its Chennai and Mumbai centres. It plans to add another 150 by the year-end to take the total employee strength to 450, he told Business Line. The Siruseri centre, which will come up in 10 acres of land, would initially have 500 people, and will be scaled up to around 2,000 in phases, he said. According to Mr Mylandla, the company is likely to report revenues of Rs 80 crore-85 crore for the year ending March 31, 2005 as compared to Rs 60 crore the previous fiscal. The increased revenue has been due to a spurt in the implementation of various electronic payments (e-payments) facilities, including ATMs (automated teller machines), by banks for customers. FSS designs, develops, implements and maintains a variety of solutions that enable banks and financial institutions to offer reliable, cost-effective and secure e-payment facilities to their customers, he said. Mr Mylandla said 22 banks were connected through the company's switch that routes card transactions. For this inter-bank service, FSS collects a transaction fee from the banks concerned, he said.
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