Teranet sets up centre for software development in Kerala

: Teranet Inc, a leading IT solutions provider for the Canadian financial services and real estate markets, has set up its first centre for software development at the Technopark here.

Teranet Inc. is a 100 per cent subsidiary owned by OMERS Infrastructure, one of Canada's largest defined benefit pension plans, with $97 billion in net assets.

The 10,000-square-foot new office at Technopark was inaugurated by Consul General of Canada Nicole Girard Thursday in the presence of Teranet president & CEO Elgin Farewell and CIO Fariba Rawhani, among others.

In January, the Teranet/OMERS management met with Chief Minister Pinarayi Vijayan and Finance Minister Thomas Isaac and expressed willingness to set shop in Technopark.

The MoU was signed between Teranet and Technopark on January 22, and the space were allocated soon after.

Under the MoU, Teranet completed the fitouts in an expedited manner and ready-to-begin operations with a workforce of 45 and plans to expand it to 150 employees in a year.

TeraServ, the centre of software development, would exclusively serve the Teranet businesses, including Teranet Collateral Management Solutions - a leading financial services solutions provider.

"...Teranet's expansion in Kerala announced today will create great jobs and contribute to economic prosperity in both countries," a press release quoting Girard said.

Teranet was attracted to Thiruvananthapuram for the high-quality talent pool. Top talent is key to Teranet's success today and in the future.

"The new centre of development will enable us to deliver industry-leading solutions to our clients, and to support the success of Teranet's centre of development and to support growth using advanced technologies such as AI and blockchain in the future," said Farewell.

Congratulating the Teranet team on setting up operations in Technopark, its CEO Hrishikesh Nair said TeraServ would open up a lot of opportunities in emerging technologies such as artificial intelligence and blockchain which is also one of the focus areas of Kerala government in the IT sector.