The Hindu Business Line : Vedika Software floats jt venture in Philippines

The company has floated a joint venture in the Philippines with a local partner. This initiative is expected to facilitate doubling of the FACT installed base in that country from 200 in 18 months.

Speaking to Business Line, Mr Arvind Agarwalla, Founder and CEO of Vedika Software, said the company has had a sales presence in the Philippines for the last 10 years, during which time only 200 installations could be achieved. With a new company, FACT Philippines, being set up, sales of the accounting software will pick up "because there is huge scope in the market there."

Mr Agarwalla said Vedika has its marketing, sales and support offices in Singapore, Dubai and Nepal. The company's development centre, however, is in Kolkata. In India, Vedika has over 10,000 licensed installations of FACT, while globally there are 5,000. FACT.

According to Mr Agarwalla, the introduction of VAT in India has opened up huge opportunities for Vedika. The company has introduced, in the Indian market, the FACT 16.10 version which is VAT-compliant.

"We had introduced the VAT-compliant version of FACT in Singapore way back in 1994. Since then, we have launched VAT-compliant versions of FACT in Indonesia, Philippines and Thailand. With a VAT user base in excess of three million in India, the scope for pushing sales for our VAT-compliant FACT 16.10 is huge," he said, adding that "we no more have to educate the customer that leveraging on IT gives them the competitive edge."

Buoyant on the potential of the emerging VAT-specific accounting software market in India, Vedika Software is hopeful of registering a 70-per cent growth in 2005-06, over the previous fiscal.

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