Infrasoft to invest in anti-money laundering products

Software development company Infrasoft Technologies Limited plans to invest Rs 20 crore for product enhancement and development in the anti-money laundering (AML) segment. The move is part of an overall Rs 70 crore corpus that the company plans to invest for various activities.

"We have planned an investment of around $17 million (Rs 70 crore approx.) for several purposes of which $ 5 million (Rs 20 crore approx.) will be used for product enhancements and developments in the AML segment," said H Tripathi, chief executive officer and managing director of Infrasoft Technologies Limited. The company is in the process of developing new variants of AML softwares for financial institutions and broking.

"After financial institutions and banks, we are now targeting the broking community for AML products. Our AML products are equipped with compliance, surveillance and CRM solutions. With global cross-border transactions also on the rise, financial institutions are trying hard to avoid money laundering. It is here that AML products can conduct link analysis, dynamic profiling of clients and dynamic risk rating for them," said Tripathi.

The company is in talks with several co-operative banks in Gujarat including Surat National Co-operative Bank, Surat District Co-operative Bank and Nutan Nagarik Sahakari Bank for product offering. According to Tripathi, AML solutions costs around Rs 1-2 crore.

Infrasoft holds around 35-40 per cent share in AML software products market in India. Currently, AML products contribute around eight per cent to the company's turnover of Rs 103 crore. For the financial year 2009-10, the company expects a turnover of Rs 125-130 crore, said Tripathi.