Aztecsoft sees top-level exodus

Aztecsoft, a Rs 300 crore Bangalore-based outsourced product development firm, is witnessing the exit of its key board members.

The co-founder and chief technology officer, V R Govindrajan and senior vice president-HR, Girish Nair, have quit the company during the last three months.

According to company sources, other senior officials are also exiting AztecSoft after it reported lacklustre numbers.

The company's consolidated net profit in the fourth quarter of 2006-07 dropped by 36 per cent to Rs 6.75 crore as compared with the corresponding quarter last year.

Govindrajan, who founded the company along with S Parthasarathy in 1996, confirmed that he has left the company to pursue 'new ideas'.

However, he would continue on the board.

Govindrajan holds about 3 per cent stake in the company. The company spokesperson could not be reached for comments.

However, a senior company official told the Business Standard, "The company is working on a formal announcement. We would have a comprehensive plan in place. This will be announced in two weeks."

The exit of Govindrajan comes three years after S Parthasarathy, the other founder of Aztecsoft quit the company.

Subsequently, V Chandrasekaran, a Wipro veteran was roped in as the new CEO.

K B Chandrasekhar, a successful entrepreneur and one of the key investors in AztecSoft is the chairman.

AztecSoft has been witnessing sluggish growth in the recent past due to the exit of clients such as Dendrite.

Girish Nair, who is also on his way out, is widely credited as the man who built Aztecsoft to almost 2,000 people from a mere 200 in 2003.

"He is responsible for where we are today as a company. He has quit as a successful man for personal reasons," added a source in the company.

In late April 2007, AztecSoft announced the promotion of Samir Bodas as president.

He earlier presided over the product engineering division.

Prior to this, Bodas was the CEO of Disha technology, a software testing firm which Aztecsoft acquired in 2004.