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SSI outlook -- Will Nasdaq's European aspirations be a threat or an opportunity?
Anand Krishnamoorthy
Chennai : Chennai-based information technology solutions provider SSI Ltd sees no significant impact on the revenues for the financial year ended June 2001, as a result of the US Nasdaq establishing its presence in Europe by picking up a 58 per cent stake in Brussels-based Easdaq. The work being done for Nasdaq presence in Europe by SSI was a "small technology engagement", said the company's spokesperson. The scope of the engagement with respect to Nasdaq Europe has in the past been very unclear as the nature of Nasdaq presence in Europe was not known. There were reports that Nadsaq was planning a new venture in Europe which could have resulted in a larger engagement for SSI, analysts said. This move by Nasdaq could spell opportunity for SSI as Nasdaq "likes to take charge of the technology" but "it was early days", the spokesperson added. Mr Kalpathi S. Suresh, chairman and chief executive officer had said that the company was working on solutions for Nasdaq-Europe based on TESAMarket, the electronic stockexchange solution of IndigoMarkets, in a meeting with press persons in mid-January. The outfit is currently rolling out solutions for Nasdaq Japan.SSI has a joint venture company with the National Association of Security Dealers (NASD), the parent of Nasdaq,- IndigoMarkets Inc., in which SSI holds a 45 per cent stake and NASD the rest. SSI Technologies, a division of SSI Ltd, provides software development and consulting services to IndigoMarkets. Company officials had earlier stated that they expected SSI Technologies to notch revenues of $40 million (Rs 180 crore approx.) by the financial year ended June 2001 and SSI Ltd to finish with $100 million (Rs 450 crore approx) for the same period. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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