Mascot Systems readies 2-yr, $10.5-million expansion plan

Kavita Nair in Mumbai

Bangalore-based ITServices company Mascot Systems plans to invest $10.5 million over the next two years in geographical expansion and its sales and marketing efforts.

Mr Gerhard Watzinger, the recently appointed chief executive officer of Mascot Systems Limited said that his immediate priorities would be increasing sales in key and existing markets, developing vertical markets like the financial segment, manufacturing, retail and telecom, and propel a major shift in the ratio of offshore and onsite projects in favour of offshore.

The company is contemplating acquisitions in select verticals and is currently talking in this regard to a couple of companies in the financial sector.

Mascot plans to invest $3.5 million this fiscal and it has also opened three offices in the US and one in Germany.

Mr Watzinger added that the company had already won a multimillion-dollar assignment from DG Bank, the third largest bank in Germany, which had been successfully implemented.

He added that the company planned on building on various vertical practices. This fiscal the company will target the financial and manufacturing sectors; retail and telecom will be next.

Mr Watzinger added that the short term plan also included tapping the Chinese market. He added that the company was planning to speak with some of the IT companies there and evaluate the market.