New Delhi, July 26: Mumbai-based financial software provider, Financial Technologies (India), will turn public early next year to fund its expansion.The five-year-old subsidiary of the US parent has a paid-up capital of Rs 7.5 crore. It had a turnover of Rs 6 crore in 1999-2000 with a net profit of Rs 2 crore.While the parent company holds bulk of shares, Industrial Development Bank of India (IDBI) holds 5 lakh shares in the company as the main venture capitalist, while the remaining shares are held by professionals.
According to FTI chief executive officer Jignesh Shah, FTI's main product FT EcoSystem had captured 60 per cent of the market, including clients like ICICI, ILF&S, Indiainfo.com and Indiainfoline.com.
``We are now talking to some US customers like Nasdaq for installation of modules of this product which enables complete end-to-end e-broking. In India too, banking, insurance, securities and other financial services will soon converge to create universal financial institutions and a universal market place,'' said Shah.
On Wednesday, FTI announced opening of an office in Delhi to cater to the north Indian market. Speaking on the occasion, Delhi chief minister Shiela Dixit said: ``There is a huge market with a very strong latent demand for IT-enabled products especially in areas like financial services which is why firms like Financial Technologies are coming to Delhi.''
EcoSystem has seperate modules for front-office, Net trading, post-trade back-office support, comprehensive risk management, online checking of accounts by banks, depositories and a WAP gateway.
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