CompanyWatch (IPO): Geometric Software Solutions Co Ltd.
(A Godrej & Boyce Co)
Company
gsslco.com
Global Equity Participation.
'We are a global player with Equity participation from World Leaders as follows :...'
gsslco.com
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Geometric Solutions plans IPO
Gouri Agtey Athale
PUNE 3 OCTOBER
GEOMETRIC Software Solutions Co Ltd (GSSCL), Godrej and Boyce's CAD\CAM product development company, is expected to file the offer document for its initial public offering with the Securities and Exchange Board of India (Sebi) on Wednesday.
GSSCL is developing a Rs 15-crore new facility at the Info Tech Park at Hinjewadi, near Pune. The facility will be housed on a 2.5-acre plot. GSSCL will move into the new facility by January 2000, said Shashank Patkar, CEO, Software Development. The 4-year old company?s turnover in ?98-99 stood at Rs 19 crore (about $4m). Currently, it has 160 employees.
Godrej and Boyce holds 24 per cent in the company, while ICICI (as TDICICI) hold 25 per cent; venture capital Draper International 3.5 per cent; Mouldflow and McNeil Schlinder 11 per cent; employees about 13 per cent and managing director, Manu Parpia, 10 per cent. The employee-holding, clarified the company, was not an ESOP but a participation at the time of formation of the company. The equity base of the company is Rs 5 crore. GSSCL earns its revenues entirely through exports. Licence fees contribute 40 per cent of the revenue while services form the rest. It expects to reverse this 40:60 ratio by 2003, when its turnover is expected to touch $50m.
Its projected turnover in '99-2000 is $9m.
GSSCL will launch its first Geometry tool, a mechanical CAD product, in the next quarter, said Mr Patkar.
Explaining GSSCL's business model, Mr Patkar said they preferred not to develop mainline CAD products to avoid competing with partners. "e will concentrate on add-on products, leaving the mainline developers to concentrate on generic ones," he said.
Describing GSSCL's products as "plug-ins," Mr Parpia said they were not stand-alone ones.
"Our business model is to move up the value chain and add to revenue streams through licensing of products or technology. For this, we are looking at two or three growth areas," Mr Parpia said.
Developing proprietary feature recognition technology will be the thrust area in 2000, he added. GSSCL?s Geometric Software Inc at Boston markets GSSCL's products globally. |
