Citigroup launches OrbiTech

By Our Special Correspondent

MUMBAI, NOV. 25. OrbiTech, formerly Citicorp Overseas Software, was today formally launched by Citigroup. With expected revenues of $62 million in its first year of operation, OrbiTech is a SEI- CMM level 5 company with 1,200 software professionals and `techno-bankers'.

Formed by the coming together of Citicorp Overseas Software (COSL) and Citibank India Technologies, OrbiTech will be an integrated provider of software products and services addressing the needs of banks and financial institutions operating in India and around the world. Mr. Ram Bhagwat has been appointed Managing Director of OrbiTech. Prior to this, Mr. Bhagwat headed all software and technology initiatives for Citibank India.

Announcing the launch of OrbiTech, Mr. Deepak Rastogi, Vice- Chairman, Citigroup Investments, said it had three software development centres in Mumbai, Hyderabad and Chennai, each specialising in a functional banking segment - corporate banking, treasury and retail and investment products. The company is planning to open its fourth development centre in Pune and sales and marketing offices in New York and London.

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Section  : Business
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