Tower, that started as a paper records management company in the 1980s, is now heavily involved in e-discovery software.
Its flagship TRIM Context software helps clients to meet the demands of Sarbanes Oxley, HIPPA, and the Federal Rules of Civil Procedure (FRCP). Jonathan Martin, worldwide vice-president & general manager, information management, HP, said, Information management is increasingly becoming important for companies that want to be regulated, and follow governance and compliance. These are especially in the areas of public sector units, oil and gas, banking financial services and insurance (BFSI ) and healthcare, where the data is extremely critical.
According to HP, its $7 billion worth software business makes it the sixth largest software company in the world.
Currently, worldwide data protection has a market of $ 2.6 billion with a growth of 6% y-o-y, which largely brings in software capabilities. The information management is around $3.4 billion with a growth rate of 23.8% y-o-y and document management is about $ 1 million with a growth rate of 23% y-o-y.
Currently, we are experiencing high growth in information management. Also, document heavy industries are looking at record management. Usually, we see around 100 transactions a year each valued between $ 5-15 million, adds Martin
Also, HPs integration of electronic data system (business and technology services company) in its technology solutions group makes the entire group large with 2,00,000 staff. Of these, around 1,70,000 join HP from EDS. The EDS group would largely help us route to market. The licenses sold directly or by way of software as a service will be managed through EDS, said Martin.