The Hindu Business Line : Parle Software ties up with Samay Tech

Mumbai, May 27 City-based IT services firm Parle Software Ltd has tied up with software solution provider Samay Technologies Inc (US) and has entrusted it with the source code for developing and customising ERP Software.

Parle claims that this move will enable it to zero down the “exchange fluctuation risks in a volatile foreign exchange conditions”. The company communicated this to the stock exchanges here on Tuesday.

Analysts that Business Line spoke to were of the view that the move in itself cannot enable Parle counter forex movements.

Being a company incorporated in India, it has to bring revenues billed in dollars back to the country, said one of them. Moreover, any business between the two companies will be in the currency of the region.

Officials from the Mumbai-based company were not available for comment.

The company has also setup a dedicated corporate office at Park Avenue, New York, US to oversee the software operations to be carried out by Samay Technologies Inc.

This office will become operational from June 1, the statement said.

The Parle scrip was down by 3.23 per cent to close at Rs 219 on the BSE on Tuesday.

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