Surabhi Agarwal
New Delhi: The US-based software products company, Cincom Systems is planning to increase its reach in India as part of its focus on emerging economies. The $200-million privately held company currently derives around 10% of its global revenue from India and is planning to increase the share to 30% in a year or two. “Despite the global slowdown on IT spends, Cincom sees a huge potential in India’s domestic market,” Gerard Maret, managing director, Asia Pacific, Cincom Systems told FE.
The world’s oldest software company launched its flagship document management software — Eloquence — in India last week. “With Eloquence, we are targeting around 10% of the electronic document management market in the country within a year,” said Pantulu Avasarala, director, Cincom Systems.
The company sees huge demand for such softwares in the financial services and insurance sectors in the country, which continue to be paper intensive. “There is a need to take processes like loan grants and foreclosure online and reduce their processing time. Same is the case with the insurance industry,” said Avasarala.
Cincom is also targeting other industries like manufacturing and call centres in India with its other products like Quote-to-Order and ERP applications.
The company which has tie-up with IBM for its smart business programme along with being the partner with other leading IT giants like HP, Microsoft and Oracle is scouting for more partners to increase its India reach and penetration. “We have eight partners in the country and want to add four more in the future,” said Avasarala. He added that the new partners will be largely for its Eloquence product. The company had recently tied-up with KM Techno Solutions.
“While we have had very minimum impact of the recession in major economies of the world, we see maximum growth coming from the Asia Pacific region, especially India and China. Australia is also a growth market for us,” said Maret.
The company gets around 65% of its revenues from outside the US. It has around 900 employees out of which 120 are based in India. Cincom’s development centre in Gurgaon, which was set up eight years ago, is its largest globally.
http://www.financialexpress.com/news/cincom-systems-to-further-expand-footprint-in-india/435830/
