The Hindu Business Line : Softline mulls IPO to fund expansion

Hyderabad, Sept. 18 Softline Software Services is set to expand its operations in India and some markets overseas. Engaged in sale of software products for the last 17 years, Softline last year forayed into software services. The company is considering an IPO to partly fund its expansion.

The founder, Chairman and Chief Technology Officer, Softline, Mr Hasnain Ali Khan, told Business Line that the company is also in the process of launching some more products later this year in the accounting, enterprise resource planning and warehouse management areas. Last fiscal, the company closed with revenues of Rs 40 crore and expects a growth of over 50 per cent this fiscal. “To part fund the company expansion plan, we are in the process of finalising plans to raise about Rs 100 crore through an IPO by June 2009,” Mr Khan said.

The proceeds of the IPO are aimed at creating a larger campus in Hyderabad and also meet the company expansion plans in new overseas markets and for marketing requirements. The company operates out of 18 centres, of them 4 are located in India at Hyderabad, Mumbai, Delhi and Bangalore. It has 500 employees, of whom 200 are overseas , especially West Asia.

Last year, the company entered Singapore and Malaysia and added a US centre, with the objective of providing services to compliment the company products designed mainly for small and medium enterprises.

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