Date:14/04/2004 URL: http://www.thehindubusinessline.com/2004/04/14/stories/2004041401610700.htm

Back NRI to take 10 pc stake in iTwine Tech

M. Ramesh

Chennai , April 13

MR Srini Srinivas, a US-based NRI and CEO of System Studies and Simulation, Inc. of US, has agreed to pick up a 10 per cent stake in the Rs 92.8 lakh equity capital of iTwine Technologies Pvt Ltd, a Bangalore-based software development company.

Mr Srinivas has joined the Board of iTwine Technologies.

iTwine's Chairman and CEO, Mr K.R. Krishnamoorthy told Business Line today that Mr Srinivas would pay a premium for his shares, but did not want to disclose the amount Mr Srinivas would be investing in the company.

iTwine Technologies has a bouquet of logistics-related software products and is focussing on export markets. Mr Srini Srinivas' coming on board is expected to help iTwine with funds, management expertise as well as marketing in North America, Mr Krishnamoorthy said.

iTwine which began operations in 2001, has received investment support from two venture capital funds — the KITVEN Fund of the Karnataka Government and another fund called NVCF Finance.

The two funds have invested close to Rs 1.5 crore in the preference capital of iTwine and have picked up a nominal equity stake. In 2003-04, iTwine earned revenues of Rs 1.5 crore.

The company's flagship product, Konark, is described as "an integrated Manufacturing Process Management System (MPMS)," tailored to the needs of small and medium, discreet component-manufacturing units.

It addresses operations such as sales, planning, scheduling, purchase and dispatch.

The product has been installed at Descartes Systems Group, based in Waterloo, Canada and at the two units of Aditya Auto Products of Bangalore, but now iTwine is looking to marketing the product to the US market.

`Konark' is like a part of ERP software that addresses one function, namely manufacturing process management.

In order to market the product in North America, iTwine intends to tieup with US-based firms.

The partner firms will also provide the crucial after-sales support. Talks are on with a couple of companies in the US.

iTwine's other products include `Franc' and `Lancy,' (Franc for consolidators and freight forwarders and Lancy for shipping liners) and Amass, a billing software.