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Our Bureau

Kochi , Nov. 13

As part of its global expansion plans, the $50-million IT solutions provider IBS Group has established a base in Tokyo, Japan.

With Nippon Cargo Airlines already signed up for its new generation cargo movement systems - iCargo, IBS is now ready to position itself as a leading IT solutions provider in the travel, transportation and logistics domain, the company said.

Mr Ryo Funakoshi has been appointed to head IBS operations in Japan.

"Japan is an important market for IBS, since seven out of the 10 major cargo routes worldwide originate from there. IBS has divided its global business into five regions, the Americas, Europe, West Asia and Africa, Australia and New Zealand, and Asia.

The opening of the new office in Japan will extend the reach and effectiveness of IBS solutions into the Asian market," Mr V.K. Mathews, Chairman and Managing Director, said.

New products

The company will be launching several new products and is waiting for better consolidation of business strategies before announcing its IPO. Mr Mathews said that the IPO had been deferred and may materialise end of 2007 or early 2008.

The new initiatives are expected to give better valuations to the company. In a year's time, the company would also be in a better position to deploy the additional resources and accelerate its growth momentum.

IBS is targeting the domestic oil and gas market and is in an advanced stage of negotiations. The company is likely to make an announcement on this front shortly. According to a five-year growth strategy drawn up by the company, IBS should be a $350 million company by 2012 with a staff strength of around 8,000 employees.

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