Financial Daily from THE HINDU group of publications
Tuesday, Nov 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 29, 2005 |
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Info-Tech
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Outlook Government - E-Governance NetDevices banking on e-Governance segment V. Rishi Kumar
Mr Uday Birje
Hyderabad , Nov. 28 NETDEVICES Networks, a networking technology products company, is targeting the e-Governance, banking, finance and insurance sectors in the country. The company, which has projected a significant investment in e-Governance projects (backed by World Bank and internal domestic funding), is in parleys with several State governments to provide network solutions. The Vice-President, India and ASEAN, NetDevices (NetD), Mr Uday Birje, told Business Line that Rs 4,000 crore is likely to be spent on e-Governance projects across the country over the next few years. At least a third of this amount would be spent on hardware, where NetD expects to play a big role, he said. These areas include the Income Tax Department and the value-added tax system where there is a need for reliable connectivity-hosting multiple services. "We are in parleys with the governments of Andhra Pradesh, Kerala, Maharashtra and Madhya Pradesh, and expect a significant offtake for our products that ensure that offices located in multiple centres have trouble-free interface with the central office," he said. NetD was founded by three senior Cisco professionals with an initial funding of $15 million to create a gateway for integrating various services in a networked environment. This funding came from Comventures, Artiman Ventures, Columbia Capital and JumpStart-Up. Earlier this year, the company received a second round of funding of $25 million from existing investors as well as Castile Ventures. "The company competes with the likes of Cisco, Juniper and Entrasys. Unlike other players, NetD has been able to integrate various services in one box, making it easy for enterprises to address a host of services. The advantage of NetD products is that additional features can be added as and when required," Mr Birje said. Headquartered in the US with operations in Bangalore and Hyderabad, the company plans to further expand its R&D work as well as global marketing and support. This means that the Hyderabad centre's headcount will increase to 150 in the future. "The business gateway market is estimated to grow from $1.2 billion in 2004 to $16.6 billion by 2008, wherein NetD is well placed to expand and consolidate," he said.
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