Compulink to set up shop in Singapore

Indian product and software services company, Compulink Systems is to set up a subsidiary in Singapore with an investment of around S$1 million. The company is also planning to increase its headcount to around 300 personnel, from the present 180, by the fiscal end.

"The new subsidiary is being set up to handle the company's operations in the Asia-Pacific region, including China and Australia. We also plan to shift focus to western and other countries," said Vishwas Mahajan, chief executive officer, Compulink Systems.

The move to tap other geographies has come due to value of software license realisations being greater in other countries than India, he said.

The Pune-based company expects to raise the amount from its forthcoming initial public offering (IPO) for which it has filed a Red Herring Prospectus (RHP) with the Securities & Exchange Board of India (Sebi). It plans to tender 45.38 lakh equity shares of Rs 10 each and expects to raise around Rs 23-24 crore.

Compulink is also scouting for strategic alliances and channel partners in Singapore, for sales of its services execution management products including Whizible SEM and Whizible PBN. These products have an installed base of over 29,000 users across the globe.

The company is also planning to strengthen its European operations and is continuing with its earlier announced investments of 500,000 sterling pounds. It is also in the process of rolling out a wholly owned subsidiary for European operations.

It would also hike its headcount to around 300 personnel by the end of the financial year, as the company requires more employees for its newly opened centre in Pune.