Paragon Solutions To Set Up Arm In Bangalore
The US-based Paragon Solutions Inc is setting up a 100 per cent subsidiary in the city for offering financial, telecom and ERP (enterprise resource planning) solutions and consulting to Indian companies. The company also plans to launch an 'Internet-based ERP training for SAP' in the country.
Paragon Solutions, which provides technology solutions, plans to invest around $1 million in the Indian arm in the next few years. It will start with 25 software people in Bangalore and plans to increase the staff strength to 100-150 in two years.
Talking to Business Standard, Maurice D'Souza, managing director, Paragon Solutions, said the Indian subsidiary will offer solutions to other south-east Asian countries such as Singapore, Malaysia and Middle East. Paragon Solutions, headquartered at Chicago, has also another subsidiary in Vietnam where 100 people are employed. In India, Avinash Agarwal will be the managing director of the subsidiary.
"In the next five years we hope to have a revenue of around $10-15 million in India," he said. As part of its business plans, Paragon also plans to get into outsourcing work in the city. The company plans to help Indian companies to develop solutions without hiring, training and grooming of new staff.
"We've extensive engineering, applications design and development and system consulting experience," D'Souza said.
"We're a certified SAP educational trainer and will provide our Internet-based SAP training product to companies. They can buy our product for training their staff through their intranet," he said.
Paragon's services include system integration, custom application development and staff augmentation. The company has a suite of software applications for investment and financial services, equity, futures and options trading, office automation, healthcare, Internet and intranet.
Its industry-specific expertise include risk analysis system, back office processing, electronic commerce, computer telephony integration, network management system and call centre.
In financial services and trading, the company's clients include Swiss Bank, GE Capital, ABN Amro and Merrill Lynch.
Paragon Solutions, which posted $12-million profit last fiscal, expects to have $100 million revenue by 2001.