Disaster recovery software company Sanovi Technologies plans to more than double revenue in the next two-three years to reach at least $20 million on increased demand for its products in the Middle-East countries and also Indian businesses.
The Bangalore-based company, which won a disaster recovery management contract for Phase-1 of the unique identification project, Aadhaar, earlier this year, also plans to expand its presence in North America and Europe through partnerships with global technology companies and Indian IT services firms.
Disaster recovery management software help companies automate their data recovery processes in the event of emergencies such as power cuts or natural calamities, and the market potential for these products in India is pegged at around $50million-60 million in India over the next two-three years, said Lakshman Narayanaswamy, co-founder and vice-president (products) at Sanovi. The worldwide market for disaster recovery, including hardware, software and services is about $39 billion, he said citing a recent study by ABI Research.
The company, started in 2002, expects to grow its revenue, currently under $10 million, to at least $20 million over the next three years by aiming at high value orders from western countries and increasing business from countries such as Singapore, Australia and Indonesia where it has a presence. Talking about the Middle East market, Narayanaswamy said the company had closed deals with two banks in the past two quarters and is talking to banks in Dubai, Oman and Saudi Arabia. ?I would say there are a couple of drivers. Some of the bigger banks are looking to adopt Basel, so that requires them to be compliant. Also, the political and environmental uncertainty getting them to rethink how ready they are for outage in a situation.?
This fiscal, it expects to earn a third of its revenue from the region while it is banking on higher IT spend in India to drive its local business.