Info Drive to focus on Pension Fund Outsourcing and Islamic Banking Solutions

Info Drive Software Ltd has announced that the Company has recently concluded a successful rights issue to fund its aggressive growth plans. The proceeds from this rights issue would be used for funding some innovative non linear growth models already set in motion. The Company, among other areas, focuses on niche domains like Pension fund outsourcing and Islamic Banking solutions.

As a part of its strategy to further strengthen its presence globally, the Company had been looking at acquisitions abroad and had decided to acquire the entire stake in Bhari Information Technologies SDN BHD (BITECH), Malaysia, a specialized provider of banking solutions with unique competencies in the fast emerging Islamic Banking oriented technology implementations.

Incorporated in 1995, BITECH Malaysia specializes in multiple domains and technology platforms. Today, with more than 3000 man-years of experience over the last 12 years, BITECH has diversified its growth into multiple Functional Domains, providing IT solutions and consulting. Currently, BITECH's focus is to be the one-stop solution provider to the Banking, Insurance and Finance Industry with a specialized focus towards the Islamic Banking Sector and is considered to be the chosen partner for one-stop Islamic Banking solutions by many clients in the industry.

BITECH had earlier this year received a turnkey mandate from one of the largest Islamic Banking groups in Malaysia to consult, design & implement the complete Islamic Banking program on an enterprise scale with a total value of RM 26.5 Million. This mandate is reckoned to be the single largest implementation project in the Islamic Banking segment. Following this the company expects to strengthen its foothold in this segment and has a robust pipeline in the Far Eastern market.

To further strengthen its offerings and domain expertise in this segment and establish a clear leadership position in this nascent market, the Company is in the process of acquiring the entire 100% stake in BITECH thereby making it a wholly owned subsidiary and towards this, has convened an EGM to obtain the approval of its shareholders. This transaction would help the Company expand its footprint across several other target markets in the Middle East and ASEAN geographies.

The stock closed the day at Rs.85.95, up by Rs.4.05 or 4.95%. The stock hit an intraday high of Rs.85.95 and low of Rs.85.90. The total traded quantity was 190820 compared to 2 week average of 104430.

Source : Equity Bulls

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