Vedaris provides software products and services in the area of derivative trading and risk management for energy commodities like oil, gas and electricity. The company operates in US and European countries where energy sector is de-regulated and the commodities like electricity are traded in the market place.
The Indian subsidiary of the company, Vedaris Technology has increased its staff strength from 50 to 150 in last six months and plans to expand it further in next one year. The Indian company is engaged in research and development of new software products, maintenance and enhancement of existing products and developing domain consulting skills for software implementation and services for the worldwide market.
According to Vedaris Ltd operations director Rajiv Kanwar, who is also in charge of Indian operations, the Indian subsidiary will also be responsible for developing the market in Asia-Pacific.
Mr Kanwar claimed that Vedaris is one of the three global companies that provide software for energy trading applications. “The worldwide energy trading market is estimated to be to the tune of 8 trillion and is growing at a rate of 30 per cent per annum,” he added.
“As new markets like Australia, Far East, Middle East and India are being de-regulated, our Indian operations will help us service the expanded market. We are also preparing to position ourselves in the Indian market, which is expected to be de-regulated in next few years,” Mr Kanwar said.
Vedaris offers its trading solution suite under the brand name of Contango and its clients include American Electric Power, British Gas, Crown Resources, Hess Corporation and Statoil.