Financial Daily from THE HINDU group of publications
Tuesday, May 18, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 18, 2004 |
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Info-Tech
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Overseas Borrowings Jataayu plans to raise $12-m Vishwanath Kulkarni
Bangalore , May 17 JATAAYU Software Ltd, a subsidiary of Integra Microsystems Ltd, that develops software for the wireless space is likely to raise up to $12 million this year to meet its growth plans. The company is also considering acquisitions overseas."We are planning to raise between $3-12 million this year to meet our accelerated growth plans," said Mr Mahesh Kumar Jain, CEO, Jataayu Software. GE Capital and Tata Consultancy Services are the current investors in the company and hold a little less than 20 per cent of Jataayu's equity. The company is also considering overseas acquisition this year to expand its market reach, Mr Jain added. The company plans to open additional offices in Korea and Germany this year. Currently, it has offices in Singapore, UK and the US. Jataayu, which develops software for mobile handsets and solutions for telecom operators, expected to re-start its US marketing subsidiary this year, Mr Jain said. Following the telecom downturn, the company was forced to shut its US subsidiary. "We may carry out some technology development from the US subsidiary in the future," Mr Jain said. The company sees great potential in the US, Europe, Africa and the Asian market, especially Korea. At present, nine of the top 15 handset manufacturers use Jataayu's software. The company is also targeting the top three Tier I mobile operators in Europe with its software. "We hope to break into at least one of these accounts this year," he said. Jataayu also has a majority of the domestic mobile operators as its customers.
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