Magnasoft, a leading provider of end-to-end GIS solutions has announced its strategic tie-up with French-based FIT, a leading GIS solutions firm in Europe.

The partnership is also expected to increase Magnasoft’s revenue generation out of Europe, which is currently in the range of 30-40 per cent.

According to S Sridhar, the vice-chairman and managing director of Magnasoft, Europe is likely to contribute for nearly half of their revenues as a result of this tie-up.

However, company officials declined to comment on the investments and financial results.

Nearly 40 people from Magnasoft have already been working with FIT for the last six months and company is likely to add another 100 people on board within 6-9 months, to its current strength of 100.

Magnasoft has also partnered with companies like Wipro, HP and Autodesk to cater to their exclusive GIS needs. Its clientele include AT&T, Lucent and Karnataka Housing Board among others for which it undertakes projects in the areas of application development, GIS consulting, remote sensing and digital mapping that span segments like urban planning, utilities, transportation, water and waste water.

Together, Magnasoft and FIT will target projects, not only in France, but also in other countries of Europe, which is the second largest market after the US.

As per IDC estimates, the worldwide GIS services segment is estimated be about $ 1.7 billion, with Europe having nearly a 30 per cent share. The Indian GIS market is estimated at about Rs 100 crore.