Sharelogic to raise $2 m to fund marketing needs

To double headcount to 90 next year

Sharelogic Inc, a global consulting and IT services company that offers a scalable vector of solutions for a range of services and business process needs, plans to raise $2 million by the end of next year to fund its marketing requirements. The company is headquartered in Connecticut and has its research and development centre in Hyderabad.

Addressing a press conference, V S Reddy Adla, president of Sharelogic Inc, said: "We hope to raise around $2 million for the marketing needs of the company from various venture capitalists."

Sharelogic is also looking at doubling the headcount by the middle of next calendar year from the present 45. The company had a turnover of $1.8 million in 2003-04.

The company today launched EDGE, a collaborative suite of services that address the work management and knowledge management needs of a knowledge worker in his daily work cycle.

"A modularised J2EE application, EDGE can be deployed over multiple application servers and works with all popular databases. Bundled with open source products that minimise the total cost of ownership (TCO), EDGE addresses the existing communication, co-ordination and collaboration concerns of distributed work forces by providing a common platform for effective and enhanced productivity in an organisation and positively affects the return on investments (RoI) of the company in a short span of time," he said.

Dilip Reddy Adla, chief operating officer of Sharelogic, said that the benefits of EDGE were that it helps employees to re-use information from within a knowledge base which it turn helps in saving time and cost in duplicating work.

"The company is targeting small and medium business houses to use the product as it is cost-effective," he said. The end user licence fee for EDGE is Rs 50,000 and the company expects to sell around 11,000 copies by the end of the next calendar year.

Adla said that the company also plans to partner with other companies who have a presence in other countries to market its product.

Sharelogic is also planning to expand its operations by opening offices in Malaysia and Dubai. "We are also looking at expanding our operations in Germany," he added.