Helios & Matheson Information Technology Limited (H&MITL) was originally incorporated in 1991 as Express Financial Exchange Private Limited, a financial services company and became public limited company in 5th September, 1995 named Express Financial Exchange Limited. The company diversified into information technology and consequently changed its name to Hellios & Matheson Information Technology Limited in May' 1999 so as to truly reflect the main focus of the business before going into public. The company is an Information Technology company, having integrated operations of Software Development, Education and IT Consulting. The focus is on NetCentric computing specialising in intranet and internet based applications and e-commerce and visual computing. Currently the company is not pursuing any financial services business. The first expansion project was funded by internal accruals. Further expansion was met by term loan granted for Rs.50 lac in 1997 from Bank of India and based on the growth and success a second term loan of Rs.50 lac was sanctioned in 1998. The company's development centre in Tamilnadu was inaugurated in April 1994. The company has entered into an exclusive arrangement for academic back up and technical guidance from Indian Institute of Technology, Chennai in 1996 for framing of syllabus outline and details, preparation of course material, orientation of faculty, consultancy in respect of PC based hardware and project work of DOE courses. The company has alliance partnership with Novell for Novell authorised education centre (NAEC) at Pondicherry and Novell education academic partners (NEAP) for other centres. The company has obtained provisional accreditation from DOEACC/AICTE for conducting Diploma in Computer Application course (`O' Level) at Pondicherry and is in the process for obtaining accreditation for `A' and `B' Level equivalent to B.Sc (Comp. Sc.), MCA and BTech (Comp. Sc.) The focus is on niche areas and quality process. During 2001-02 the company acquired 100% interest in System Logic Solutions Ltd in Bangalore. It has also acquired majority stake and management control in Laxmi group Inc LA USA.