Bahwan CyberTek to raise $10m

Bahwan CyberTek, the Rs 100 crore software services company, plans to raise $10 million (Rs 45 crore) through the private equity route.

The company is moving its headquarters from Oman to Chennai and plans to have a developer strength of 800 by 2005-end from the current 350.

It is also planning a BPO arm focussing on West Asian clients by offering Arabic language support from India. It already has a 300-seater call centre in Oman supporting a few airlines there.

Said S V Sriram, president, Bahwan CyberTek: "The process of moving our HQ into Chennai should happen within two months time. We are setting up our own campus in the tech corridor in Chennai and the fresh infusion of funds will help us strengthen our product portfolio."

This firm offers software products in the field of business process management which are used to enhance the efficiencies and speed of delivery of IT and ITeS enterprises. Currently product revenues account for $2 million (Rs 5 crore) of the topline.

The company is working towards an IPO by 2006 during which it expects to have a topline of $60 million and its margins on a par with the industry average of 30 per cent. "By then, our product revenues will account for 40 per cent of our topline," Sriram anticipated.