Financial Daily from THE HINDU group of publications
Friday, Apr 21, 2006

Cross Currency

Group Sites

Info-Tech - Venture Capital

Indium bags $1 m funding from IRIS

Our Bureau

Chennai , April 20

Indium Software, a software test automation and engineering solutions company, will be setting up two centres of excellence (CoEs) in Chennai by mid-June, according to Mr N. Raghunandan, CEO.

He told newspersons that the company had secured $1 million (Rs 4.5 crore) funding from IRIS Capital Ventures for its technology and market expansion programmes, of which about 75 per cent would go into the centres.

The rest would be deployed into running the company's US operations.

Of the two CoEs, one will specialise in wireless/network datacomm and the other in enterprise applications.

With growing advancements in wireless telephony and VoIP, wireless software testing is bound to do well, said Mr Raghunandan.

As for enterprise applications, the company will seek to promote the offshoring of testing services in that segment.

Both centres will aim to become independent pre-certification bodies in the chosen technology area.

The company, which currently has 125 employees, will recruit another 100 over the next six months to meet the needs of the two centres.

The CEO said that the company would look to work with clients in the midsize category.

The midsize market for offshored software testing is about $800 million (Rs 3,600 crore), he added; the overall offshored software testing market is worth $1.6 billion (Rs 7,200 crore) and the overall software testing market, about $13 billion (Rs 58,500 crore).

The company expects revenues of about $1-3 million (Rs 4.5-13.5 crore) from each centre in the next three years. It clocked revenues of Rs 5.2 crore in the last fiscal.

More Stories on : Venture Capital | Software

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

Stories in this Section
Zensar Tech net doubles to Rs 34 cr

Sify net loss narrows to Rs 6 cr
`TVS-E No. 2 in APAC dot matrix market'
Freescale Semiconductor tools
Cisco to focus on South-based SMBs
Oracle HRMS for Aurobindo
Exclusive national weather portal launched
Showing investors how to make money, bhai!
Infy to buy Citi stake in Progeon
Aksh Broadband to be merged with Optifibre
Emulex to buy Aarohi
TCS to hold 64% stake in Chinese JV
The happy connect
Hellosoft among `promising cos'
Indium bags $1 m funding from IRIS
Talisma bags 68 new customers

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, 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