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

To: JPR who wrote (2713)	9/11/1998 12:29:00 PM
From: Mohan Marette	Respond to of 12475

Microsoft, Intel log into Net co set up by Indian-Meet Ashok Narasimhan. savesmart.com Investors: savesmart.com Source:The Economic Times. KC Krishnadas ------------------------------------------------------ BANGALORE 10 SEPTEMBER INFORMATION technology giants Microsoft and Intel have picked up equity in SaveSmart Inc, the California-based Internet services company founded two years ago by Ashok Narasimhan, the company's chairman and chief executive officer. SaveSmart delivers on-line personalised promotions to consumers - a new category of Internet service - and aims to serve consumers by leveraging technology and member choices to eliminate the expense, annoyance and inconvenience of current promotion offerings. On Microsoft taking a stake, Mr Narasimhan said: ''It is gratifying that a company, which is the leader in every aspect of software, thought that what we were doing had enough strategic importance to it, to invest in us. It is a strong validation of what we are trying to achieve in the rapidly developing Internet marketplace." About Intel's participation, he said: ''Intel is always interested in encouraging companies that have the potential to facilitate growth in key areas of computer usage, such as the Internet. Again, we are gratified." Besides Microsoft and Intel, other big names also hold equity in SaveSmart. VeriFone, now a Hewlett Packard subsidiary, has a stake in SaveSmart and so do Softbank, Cendant and Draper International. ''Most of our investors are strategic," Mr Narasimhan said. DataCard Corporation also has a stake in SaveSmart Inc. It also recently exercised its option to take a 50 per cent stake in SaveSmart's software development subsidiary at Bangalore. Mr Narasimhan was the first president of Wipro Infotech and had set up Wipro's software division before leaving for the US in 1988. He worked with Tata Administrative Services before joining Wipro in 1978 and left 10 years later for VeriFone, US, and then to found SaveSmart Inc. He retains his Indian citizenship. ''Indian entrepreneurs, even those who studied and had their initial work experience in India, are second to none internationally,'' he said. ''I have always felt that Indians, especially in the information technology sector, should make major moves to become truly international players,'' Mr Narsimham added. and developments such as Infosys planning to move into the US public market and Wipro's continuing international thrust make me truly happy," he added.