Iteamic to expand its operation in Mangalore

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Bangalore, Feb 21 (UNI) Iteamic, a four-year-old Information Technology industry with 100 per cent growth year-on-year since inception, will expand its operations in Karnataka by opening a 100 seater capacity branch in Mangalore soon.

Disclosing this to newsmen here Company founder and Chief Executive Officer Raghurama Kote and Co-founder Krishnappa Niyogi said the company had registered profit since beginning four years ago. The company, a 100 per cent export oriented set up, would close the year with a business of Rs 32 crores by March end from its small beginning of Rs 2.5 crores in 2003, they explained saying that the turnover would cross Rs 50 crores by 2010 with aggressive growth plan.

Replying to a query Mr Kote said the company had a head count of 250 people and would be crossing 1000 in another two years. Most of the clients of the total 12 had repeated their business following company's endeavour in maintaining its credibility. Of the 12 clients, 10 were US based, one each in Switzerland and Djakarta.

Answering another question, he said the company had suffered eight per cent revenue in its total turnover following Indian rupee appreciation.

Stating that this year's focus would be mainly on alliances to provide offshore and outsourcing services, he said the company had recently entered into a strategic alliance with a San Francisco based company to offer compliance consulting and software services, helping publicly traded companies regulate their financial reporting. Iteamic had also started developing solutions around education domain hoping to target the European and Asian Markets.

Mr Kote regretted that Small and Medium Enterprises, which contributed nearly 40 per cent of export earnings, were totally ignored by the authorities. The government should begin awarding its IT business to only SMEs to ensure their healthy growth.

Besides, the move by Software Technologies Park of India's move to do away with the tax benefits for SMEs should be stopped as it would ultimately kill the sector itself.

UNI SR HVB1728

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