Financial Daily from THE HINDU group of publications
Friday, Apr 21, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 21, 2006 |
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Info-Tech
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Venture Capital Indium bags $1 m funding from IRIS Our Bureau
Chennai , April 20 Indium Software, a software test automation and engineering solutions company, will be setting up two centres of excellence (CoEs) in Chennai by mid-June, according to Mr N. Raghunandan, CEO. He told newspersons that the company had secured $1 million (Rs 4.5 crore) funding from IRIS Capital Ventures for its technology and market expansion programmes, of which about 75 per cent would go into the centres. The rest would be deployed into running the company's US operations. Of the two CoEs, one will specialise in wireless/network datacomm and the other in enterprise applications. With growing advancements in wireless telephony and VoIP, wireless software testing is bound to do well, said Mr Raghunandan. As for enterprise applications, the company will seek to promote the offshoring of testing services in that segment. Both centres will aim to become independent pre-certification bodies in the chosen technology area. The company, which currently has 125 employees, will recruit another 100 over the next six months to meet the needs of the two centres. The CEO said that the company would look to work with clients in the midsize category. The midsize market for offshored software testing is about $800 million (Rs 3,600 crore), he added; the overall offshored software testing market is worth $1.6 billion (Rs 7,200 crore) and the overall software testing market, about $13 billion (Rs 58,500 crore). The company expects revenues of about $1-3 million (Rs 4.5-13.5 crore) from each centre in the next three years. It clocked revenues of Rs 5.2 crore in the last fiscal.
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