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KR Softnet ties up orders worth $24.5 m

Our Bureau

HYDERABAD, March 30

KR Softnet Systems Ltd (KRSSL), a Hyderabad-based software solutions company, announced that it has bagged offshore development orders for online banking, leasing and financial services, a medical portal, and a online marketing services solution.

The Managing Director, KR Softnet System Ltd, Mr. J.K.R. Sastry, said that the company has entered into agreements with Computer Professionals Inc, Logic Systems and Solutions Inc, PensofTechnologies Inc, and Image Technologies, UK, which involves offsho re development work worth $24.5 millions over two years. ``We are in the process of establishing offices in the US and Europe,'' he said.

Addressing a press conference, Mr. Sastry said the company has entered into 12 co-operative agreements to provide offshore development services. ``We are in the process of developing a state-of-the-art technology development centre at Hyderabad,'' he sai d.

To part-finance the company's development and growth initiates, Mr. Sastry said the company plans a public offering later this year. The offer is being appraised by Global Trust Bank which is extending a term loan of Rs. 65 lakhs.

Of the authorised capital of Rs. 10 crores, it would initially raise Rs. 6.22 crores. Of this, the promoters have taken up equity of Rs. 2.25 crores and raised Rs. 1.92 crores through private placement. ``We plan to raise Rs. 1.40 crores through our publ ic offer planned for later this year,'' Mr. Sastry said.