India's first listed fintech company, Infibeam Avenues Ltd has sent a proposal to license & support its Base Marketplace intellectual property to Government e-Marketplace(GeM), the online public procurement platform of Government of India.
Recently, GeM has appointed a new technology partner Tata Consultancy Services (TCS) for taking over the existing GeM portal from October as the terms of contract with existing MSP (Main Service Provider) nears to end. As per the terms of the new RFP, the new partner is expected to deploy the new technological solution within 18 months' period and also takeover the existing GeM implementation as per the exit plan mentioned in the RFP (2017).
Infibeam Avenues Ltd has submitted a proposal to make its Base Marketplace intellectual property assets available to GeM post end of existing contract, this includes its workflow management system and Base Marketplace technology framework, under a licensing arrangement.
"If the proposal is accepted, the company will license its Base Marketplace intellectual property to GeM, and provide support," said Mr Vijay Subramanian, CEO, Platform Business, Infibeam Avenues Ltd.
Infibeam Avenues Ltd has diligently and proactively initiated and engaged in the seamless transition to GeM's newly appointed technology partner, TCS, in strict accordance with the guidelines and directives set forth by the authorities at GeM. The company has ensured the expeditious, dependable, and comprehensive transfer of knowledge of the GeM marketplace's technology to the new technology partner and vendor.
In the year 2017, a consortium led by Intellect Design Arena, in collaboration with Infibeam Avenues Ltd, was bestowed with the prestigious contract to conceive, construct, sustain and maintain the GeM portal. Launched in August 2016 under the aegis of the Indian Commerce Ministry, the GeM portal has served as a pivotal platform for the online procurement of goods and services by various central and state government ministries and departments.
Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 17.73 as compared to the previous close of Rs. 17.56. The total number of shares traded during the day was 4455883 in over 3834 trades.
The stock hit an intraday high of Rs. 17.89 and intraday low of 17.60. The net turnover during the day was Rs. 79207947.00.