Business Daily from THE HINDU group of publications
Saturday, Jul 29, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 29, 2006 |
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Info-Tech
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Software Corporate - Diversification Sumedha Fiscal into IT with Swedish co tie-up Nilanjan Dey
Kolkata , July 28 Sumedha Fiscal Services, a Kolkata-based stock broking firm, has forayed into information technology, first by setting up a joint venture with a Swedish partner for providing ERP solutions and enterprise consulting. Sumedha Fiscal will hold 35 per cent stake in the joint venture company, while Swelog, identified with the overseas collaborator, will own 30 per cent. The rest will be farmed out among strategic investors, including individuals. The company, christened Seasoft Solutions Pvt Ltd, is being seen as a diversification attempt for an outfit that has principally concentrated on financial services, including stock broking. "We will set up a base for both outsourced and independent product development. Some money has been initially invested in the project already", said Mr Bijay Murmuria, Director, Sumedha Fiscal. `Swelog', the brand which the company is trying to leverage, has been in the European market for a couple of decades; its customers are said to have been vendors to corporate groups such as Volvo, Scania and Tetra Pak. Seasoft Solutions, expected to focus on enterprise consulting, ERP implementation and software projects, will be based out of Kolkata. The latter, it is felt, is set to play a bigger role in the IT space, thanks to larger investments by infotech companies, including such major players as Wipro and Satyam.
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