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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (7104)	9/22/1999 11:57:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

CompanyWatch- CITIL (India) [Citicorp Information Technology Industries Ltd] CITIL Website citibank.com ============================ Citil eyes $100m turnover by 2001 PRESS TRUST OF INDIA -------------------------------------------------------------------------------- New Delhi, Sep 22: Premier banking software company Citicorp Information technology India ltd (Citil) has set up the target to become a $100 million firm by 2001 with the company lining up an array of products and services for global financial institutions and banking industry. The privately-held company being promoted by venture captial arm of Citibank Inc has also set a target to grow as a quarter billion dollar company in five years' time, Citil chief executive officer R Ravisankar told PTI. "The company's turnover will reach $100 million in two years time and we expect to go beyond $250 million mark in the early part of next decade by focussing on developed markets," Ravisankar said. The company has an array of products in the banking sector such as Flexcube, Microbanker, Finware and its internet banking and datawarehousing modules have been launched recently in the global market attracting a large clientele. Citil has implemented its Internet version, Flexcube@ at the HDFC Bank. Theproduct enables complete banking over the Net except the delivery of cash. The users have access to ATMs for withdrawing money and depositing cheques while they can confirm all transaction over the Net using their access codes. The product has been developed recently and the company hopes to gain more banks as customers. The company has clients in the US, the Netherlands, South Africa, Jamaica, Zambia and Central Europe. On Citil's entry into lucrative consultancy business in banking, Ravisankar said Citil was working on an assignment on the merger of five leading banks in Carribean Islands. He said Citil would end this calender year with $50 million turnover and would see annual growth of 75 per cent during the next few years. Citil total exports increased by 87 per cent from Rs 73.16 crore in 1997-98 to Rs 137.7 crore in 1998-99. Total revenue in 1998-99 total revenue stood at Rs 144.57 crore. Ravisankar said the company would be entering into E-commerce-enabled services by next year, while it isset to launch a software product for derivative trading later this year. "This product would have a good market in Europe and American markets," he added. Citil also targets to garner a good share of business from the estimated $113 billion datawarehousing global market in the coming years. The company earns 95 per cent revenue from exports and 60 per cent from products and the remaining from services. In the services sector, 25 per cent comes from consultancy and the rest from offshore services. Company since its inception has earned revenue from software exports to developing countries and Asia Pacific with 95 per cent coming from exports. Citil would now focus on on developed markets like North America, Western Europe and Japan, he said. Ravisankar said the company would go public at some point of time during its growth, but declined to comment on it saying "it is too early to talk about such plans." Citibank's venture capital arm holds 49 per cent stake in the company and rest 51 per cent is with employees and a few other investors.