Tulip mania - ING Baring to set up IT co with BFL
bflsoftware.com
21-10-1999 22:45:20 (Probity)
Dutch firm to set up software company with BFL
Dutch financial services group ING on Thursday said it was setting up a software development center in India with Indian computer software firm BFL Software Ltd. The center, named "Tulip", will work as the main development and implementation partner for a sales support system for the insurance business units of ING, a joint statement from the two firms said. It said the center would be based in Bangalore where BFL is headquartered and 30 BFL employees would initially work on the ING project.
"We expect revenues of about Rs20mn from this center in the FY200 and about Rs50mn by FY2001," BFL's president and chief executive officer B.V. Venkatesh,, told Reuters. BFL Software is 52% owned by Baring India Investment Ltd, a private equity fund sponsored by ING.
Chris Smith, general manager of ING`s Information Technology Center (ITC), said BFL would later work on more projects for ING as the Dutch group was encouraging its various business units to source their software needs from offshore developers. "We are also formalizing similar partnerships with two other Indian firms, Tata Consultancy Services and NIIT Ltd, and they will be announced soon," he said. He did not give financial details of the two partnerships.
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