The Hindu Business Line : 3i Infotech launches product development centre in Kochi

New centre
The Kochi Development Centre is a product research and development facility with a focus on enhancing 3i Infotech's `MFund' product suite
Targeted at the requirements of the US market, the centre will allow 3i Infotech to tap mid-tier investment managers, which represents a market space of around $200 million

Kochi , July 26

3i Infotech, a global provider of IT solutions, has announced the launch of its global product development centre in Kochi.

The centre will be focused on developing and expanding the company's MFund TM— Mutual Fund software offerings. The Kochi Development Centre will be in addition to the existing development centres in Bangalore, Chennai, Hyderabad and Mumbai.

The Kochi Development Centre is a product research and development facility with a focus on enhancing the `MFund' product suite. Additionally, the centre will also develop add-ons to the product including e-reporting, bond calculators and fact-sheets. Targeted at the requirements of the US market, the centre will allow 3i Infotech to tap mid-tier investment managers, which represents an addressable market space of approximately $200 million as per market estimates.

BFSI penetration

Earlier this year, 3i Infotech acquired Datacons, a Bangalore-based software product company offering niche products for the mutual funds segment within the BFSI (banking, financial service and insurance) space. Therefore, the launch of the Kochi centre is in line with the company's plans to further penetrate in this sector across all geographies that 3i Infotech operates in, a press release issued here said.

Commenting on the development centre, Mr V. Srinivasan, Managing Director and CEO, 3i Infotech, said that BFSI accounts for over 70 per cent of the company's business, and is the mainstay of future growth.

The BFSI products of the company are already being developed in India in Mumbai, Chennai, Bangalore and Hyderabad. Kochi is the next logical choice for having a software development centre as Kerala offers excellent infrastructure and a skilled talent pool.

`Mature company'

Mr M. S. Chandrashekar, CEO, Datacons Pvt Ltd, said that 3i Infotech is a mature company that is serious about developing and strengthening its software products. The Kochi Development Centre will serve as a catalyst to take the MFund product to global markets.

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