Bangalore : Bangalore-based Zygox Software Pvt Ltd has retained Ernst & Young, a consultant management company, to scout for venture capitalists of repute. The company is seeking investment of $3 million to fund its expansion and consolidation plans.Zygox Software president Kris Ranganath told The Financial Express: ``We want to re-position Zygox as a technology company instead of being merely another `me-too' service company. Hence, we are in talks with several companies for technology transfer which would allow us to use their existing intellectual property and develop new products from them.''
Zygox Software, to consolidate its position in the Japanese and US market, has acquired a 20 per cent stake in Accura Corporation, which caters to the IT service industry in Japan. In the US, the company plans to open offices in New Jersey, Dallas and an offshore development centre in the Freemont area. The technology focus of Zygox includes N-tier application/product development, GUI intensive and component based client/server systems, telecom and datacom systems and applications. The company provides turnkey solutions, professional consultancy and offshore resource management.
"Zygox has a series of products in biometrics for law enforcement and commercial applications including AFIS NT 2000, fingerprint technology and Biocheck, an identification system through a licensed arrangement with NEC of Japan. An independent company - Biometrics Appliances - will be set up in the US with an investment of Rs 2 crore for further R&D in the biometrics area,'' Mr Ranganath said.
Zygox Software would shift its corporate base from the US to India early next year. The company plans to penetrate the European and African markets. Towards this end, Zygox is currently in talks with several companies for a marketing partnership.
For the last year, Zygox Software has netted revenues of Rs 12 crore and aims to touch Rs 36 crore this fiscal.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.