Tekplay Systems, which has taken over the business verticals of Coromandel Infotech, plans to invest $5-10 million over the next two years to expand its offerings in digital business transformation.
Coromandel Infotech maintains the entire IT infrastructure of India Cements, its largest client. The association between the cement manufacturer and Coromandel Infotech goes back nearly two decades from the time they developed an in-house ERP.
Prabhuram Ramanathan, Executive Director, Tekplay, said it is in advanced stage of discussions for private equity. The deal with an US fund will be finalised in a few weeks.
Tekplay has major clients in financial services and manufacturing with its revenue at about $20 million. It hopes to grow its business to over $100 million by 2020, he said.
The company also has a presence in the US and Singapore where an acquisition is in the offing. Tekplay has a 15,000 sq ft development centre in Chennai which will be expanded and offices in Bengaluru and Hyderabad, he said.
Addressing the formal launch of Tekplay, which will start operations on April 1, 2017, N Srinivasan, Vice-Chairman, India Cements, said: “India Cements of its own volition is pursuing a policy of cement only, focusing on its main business and slowly moving away from what is only a part of cement.”
The IT initiative by India Cements was to improve management systems and govern business better. “The product was good, it was even given to other cements companies. But the initiative was not germane to cement business,” he said.
“Tekplay is now in play,” Srinivasan said. Tekplay will tap the big opportunity in the sphere of digital business transformation as part of its entry into new technology platforms, he said.