Apex Software Local Arm To Be Outsourcing Base

Dublin-based Apex Software Systems Ltd has set up its first-ever wholly-owned subsidiary at Calcutta, in its effort to achieve a group valuation of Rs 110 crore by 2002.

The subsidiary christened Apex Comsoft India, was inaugurated yesterday at Calcutta with the group's former country manager Tirtha Chakravarti at the helm, holding the post of managing director of the subsidiary.

The total foreign direct investment that will come into the state is Rs 6.6 crore, which is to be used for development of software for catering the markets at Ireland, UK, Cyprus, Malta, Singapore, Malaysia and Hong Kong.

The product profile of the firm includes software for taxation specialists, practice management systems, audit software, billing, company secretarial and book-keeping software.

 

Speaking to Business Standard, Apex director Ray Rogers said, "Owing to the unavailability of skilled manpower as well and exorbitant costs, we have chosen Calcutta as the place to headquarter our subsidiary."

The 30-strong personnel that will be working at the Calcutta outfit is expected to increase to 50 by the end of this year. The project, which is a major outsourcing exercise for the overseas company, will have employees working on primarily three kinds of software -- 1999-2000 Irish personal income tax; UK personal tax systems; and Practice management systems.

There are plans to completely rewrite the full gamut of software being developed by the firm with more focus on component technology and webserver-based software.

The company is one of the largest vendors of professional accountancy systems catering to

specialised needs of practising accountants worldwide. "From a strategic perspective, India is viewed as an essential ingredient of the company's plans of getting listed on the Nasdaq in 2001," said Rogers.