Saksoft inaugurates its first office in Mumbai and third in India

Chennai - September 2, 2009: Saksoft (NSE:SAKSOFT, BSE:590051), a global software services company focusing on the BFSI segment, recently inaugurated its first office in Andheri, Mumbai, and third in India. With the launch of its new office, Saksoft intends to expand its service offerings to a larger group of audience, thereby moving towards the company's mission to double its revenues in three years. Saksoft is also strengthening its global presence in markets such as US, Europe and APAC.

Saksoft is a global IT services, CMMI Level 5, company with recognized leadership in Information Management solutions, Web Development including Portal Development, Open Source Migration, Cloud Computing and Testing services including niche areas like Data warehouse Testing.

Speaking on the inauguration of new sales office, Mr. N K Subramaniyam, Executive Director - Operations & Technology, Saksoft Ltd, said "Demand drivers for managed IT services business are very strong, especially in the BFSI sector which is seeing an upward trend in the country. Some of the drivers for this are massive growth in Portal development, Open source migration, Information management, etc. Saksoft is poised to leverage on these opportunities. Catering mainly to the BFSI segment, financial hub of the country, Mumbai, was an obvious choice for our new office. We have a strong client base in this part of the country and we intend to strengthen our relationship with them, beyond exploring other opportunities. The opening of the Mumbai office reflects the strategic importance of the market for our growth."

Indian market contributes 7.5% to the company revenues while 80% comes from the US & UK market and the rest from the APAC region. Citing the current trend India undoubtedly is one of the most promising markets for the industry and for the company.

The stock closed the day at Rs.42.90, down by Rs.2.25 or 4.98%. The stock hit an intraday high of Rs.44.70 and low of Rs.42.90.

The total traded quantity was 11033 compared to 2 week average of 13247.

Source : Equity Bulls

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