• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Hyderabad, Oct. 1 Progress Software Corporation (PSC) will be developing technology products for the energy sector. The $500-million company, which currently offers application infrastructure software-based products for financial services and telecom industries, is in the process of focusing on catering to technology needs especially in areas such as exploration of oil and gas.

“The software applications play a major role in tracking/switching the flow of oil from the offshore wells, its extracting and distribution. We see a huge potential in this segment,” Mr Richard Reidy, Chief Operating Officer, PSC told Business Line here on Wednesday.

The move will also help the company, which operates a 120-seat development centre here, to mitigate the adverse impact of the US economic slowdown as over 25 per cent of its revenues are drawn from financial services sector, he said.

When asked to quantify the adverse impact, he said: “As of now, the impact is that our clients are cautious and holding back proposed expenditure. They want to see the performance of fourth quarter (ending December, 2008). Any new spending or further cut would depend on it. But there is an impact,” he said.

To broadbase its sales, the company is also considering to expand its operations to China and Philippines. “This is still in the process of evaluation,” Mr Reidy said.

The headcount in its India development centre here would be increased to 150 from 120 by the end of current fiscal, he added.

More Stories on : Software | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line