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Northgate plans $100 mn GDR

Written by: Staff
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Hyderabad, Apr 7 (UNI) Buyoed by a huge response for its innovative business model, Hyderabad-based internet and wireless technology provider Northgate Technologies Ltd plans to raise 60-100 million through a GDR issue for listing on the London Stock Exchange (LSE).

Northgate Technologies CEO Venkat Meenavalli told the media here today, the GDR issue was expected to go through in a year's time.

The company had posted Rs 56 crore business in the last nine months recording a net profit of Rs 15.2 crore through online advertisement after launching its Globe7 Soft phone through its 100 per cent subsidiary Globe7 Inc USA.

The company, which has Globe7 Inc, USA and AXILL Europe Ltd, UK as its wholly owned subsidiaries, plans over the next six months foray into multi-user gaming application on TV, multi-lingual global TV network, realtime web casting and also global TV powered mobile devices in Europe with WiMax.

''We are positioning Globe7 as unique disruptive Internet2 era application where information, news, video on demand, voice, real time communication are delivered at people's 'Lap' or 'Desk' Top,'' he added ''Globe7 Internet2 Soft phone technology, conceptualized with IPTV, crossed 2.5 million downloads by heaping up 2.1 million downloads in the previous month alone. It covers 187 countries across seven continents, including Antarctica.

Globe7 is also currently negotiataing with major community-based websites to launch its private label solution in Asia, Europe and south America, North America in coming months.

Future version of Globe7 will include MAC, LINUX, Pocket PC with H.264 Streaming, specifying the countries and regions with explicit video contents and live sports stuff.

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