The Hindu Business Line : 3i Info keen on tools for MFs

WITH the recent public issue arming it with a listed scrip, 3i Infotech Ltd has said it will mull acquisition for a quick start in new software product categories such as mutual funds, securities trading and bills discounting.

"Within the banking space, we have products in areas such as core banking, treasury, asset liability management, retail loan, factoring (purchase of receivables) and market risk. However, we do not have products in mutual funds, or securities trading space. We have the option of either developing it or looking at existing products in the market ," Mr Amar Chintopanth, Chief Financial Officer of 3i Infotech Ltd, told Business Line.

Other areas for acquisitions could be bill discounting software products, he added.

He said developing a product typically took a year or two, with another 1-2 years required for its test marketing.

"Instead of a four-year timeframe for a product, if we get an existing product which is a 75-80 per cent fit to what we require, it will make sense for us to buy it," he said, but pointed out there were no specific proposals before the company now.

"It is not necessary that an acquisition we do involves cash transaction. We have a listed scrip today that serves as a currency for buy-outs. All our earlier acquisitions have been cash acquisitions," he said.

The company, since 1999, has made a slew of acquisitions. It acquired Rohan Software in October 1999, Ivory International Inc in June 2000, and Ajax Software Solutions in November 2000.

In July 2000, it acquired the customers and employee contracts of Object Xperts, and took over the business of Insyst Business Technologies Ltd and Insyst Technologies in two transactions in November 2001 and January 2002.

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