Hexaware Infosystems Eyes Listing On Nasdaq

Hexaware Infosystems Ltd, part of the $150-million Apple group, is planning a listing on the Nasdaq. "Our objective is to ensure that the company grows to a size that is big enough to obtain Nasdaq listing," Hexaware chairman, Atul Nishar, said in Chennai. "We are hopeful of achieving this goal in two years," he added. The Apple group has interests in education and finance through Aptech International and Apple Credit respectively.

Hexaware had recorded sales of $10 million during the year ended December, 1997. It expects to cross the $20 million mark during the current year. "Our target is to grow 100 per cent every year for the next few years,'' managing director G S Krishnamoorthy said.

 

The company currently employs about 350 professionals. This is expected to be increased to about 1000 by mid-1999. Hexaware plans to employ about 3000 professionals by the year 2001. It has also appointed a US-based concern to design an employee stock option plan (ESOP). The scheme is expected to be implemented by the end of the current year.

Hexaware also has a software development centre in Priceton, New Jersey, USA. "A decision on whether these employees will be allotted dollar-denominated stock options is yet to be taken,'' Krishnamoorthy said.

The company's new software development centre was inaugurated on Sunday. It has another centre in Mumbai as well. However, the corporate headquarters has been shifted from Mumbai to Chennai.

Hexaware plans to focus on providing project-oriented solutions in Enterprise Resource Planning (ERP), European Monetary Union (EMU) and Electronic Commerce.

It recently signed a memorandum of understanding (MoU) with PeopleSoft of USA for implementation of their ERP products, specifically for the service sector.

Hexaware plans to focus on the American, European and Japanese markets. It has wholly-owned subsidiaries in USA and UK.