Infrasoft Seeks Ally, Ask Raymond Gets Mandate To Find One

Infrasoft Technologies, a software company angel-funded by Batliwala & Karani, has mandated ASK Raymond James to scout for strategic investors.

The company plans to issue equity shares on a private placement basis to these investors for an amount of around $8 million. The approximate price at which the investors would subscribe to the equity is estimated at between Rs 200-250 per share.

Currently, out of the Rs 6.37 crore equity, 48.5 per cent is held by the employees including the promoter-directors of the company, and the remaining 52.5 per cent is held by Batliwala & Karani.

Hanuman Tripathi, managing director, Infrasoft Technologies, said the company is looking not just at a financial investor but at someone who will bring in value. "As far as an initial public offer is concerned, we are not in a hurry but would consider hitting the markets some time in 2003," he said.

Infrasoft, which has domain expertise in banking and finance, is currently in the process of consolidating its operations globally.

The company has set up subsidiaries in the US, UK and Singapore, and will now be operating on a localised basis with each of these subsidiaries servicing specific regions.

"We are consolidating to create a truly global company. We want to have a globalised look and feel," said Tripathi.

Infrasoft will also be setting up offshore development centres(ODC) in each of these locations with the specific intention of catering to the requirement of their own markets in terms of developing and customising solutions to the local customers needs.

It has already converted its Mumbai operations into an offshore development center to cater to the SAARC region, the Middle East and Africa.

The offshore development center in Singapore will now cater to the Asia Pacific region, the UK development centre would cater to the European market, while the US-based ODC will oversee the US and Canada.

The company is planning to invest close to Rs 15 to 20 crore in setting up these ODCs in the next one and a half years.