Globsyn has also decided to foray into applications and product development in addition to its offshore and onsite software development, but a clear strategy for products is yet to emerge. The three-year-old company, in which Dasgupta and associates hold close to 50 per cent stake, has already raised close to Rs 12 crore through private placement of undisclosed percentage of shares to a clutch of investors. Globsyn has also signed a memorandum of understanding for a business relationship that will comprise sending a large number of skilled IT manpower to UK, Germany and France, according to Dasgupta. ``There are indications that together these countries can emerge as a larger market than even the US. We have entered a tie-up with two companies which require a large number of IT manpower from India.

We are very keen to fulfil Europe's need for IT personnel from our pool and will hire the rest. We will also be providing them our IT training packages under the TechnoCampus initiative,'' he said. Globsyn has also seen a restructuring of the company's top management structure recently. Two new divisions-Education services and IT services-have been hived off and are headed by two senior industry experts as vice-presidents, including former PCS director Inderjit and ex-IBM executive SB Guha. According to Dasgupta, Globsyn will shortly be unveiling some of the in-house developed education products and later may float a separate company built around it. It will later be hived off and a majority stake in the entity will be sold through private placement, he added.