4 Hyd IT firms shortlisted for Nasscom award

The National Association of Software and Service Companies (Nasscom) commenced its third leg of 'IT Innovation in India Awards '05' in Hyderabad by showcasing five emerging companies that have been shortlisted for this purpose.

These include Java Softech, Ocimum Biosolutions, SatNav Technologies and YASU Technologies from Hyderabad and Midas Communication Technologies from Chennai.

The Nasscom IT Innovation in India Award recognises companies that have come up with new ideas, products, processes or technologies to enable higher growth of business. Of the 138 companies that participated in this forum, 20 have been shortlisted, with four being from Hyderabad.

Based on the presentations that these companies make, six most innovative IT companies will be selected by a panel of judges.

While Java Softech is involved in the development of products for microfinance institutions, Ocimum Biosolutions provides products and services for the life-sciences industry and SatNav Technologies specialises in navigation, telematics and management related products.

YASU Technologies is into products related to business rules' management systems and Midas Communication Technologies specialises in telecommunication, networking and broadband products.

According to Ganesh Natarajan, chair-Nasscom Innovation Forum and deputy chairman and managing director of Zensar Technologies, quality and costs are not going to be sufficient to sustain the IT industry and therefore innovation is a major requirement.