SequelSoft India Limited (SSIL), incorporated in 1997, focuses on software development, consulting, document management, imaging services and vertical market places to facilitate business-to-business and business-to-consumer e-commerce. At present, the entire Income generated by the company has been from business sourced by Sequelsoft Inc, USA, which is promoted by one of Sequelsoft India's promoter Mr. Rambabu Katamaneni.
SSIL has developed a B2B portal (www.bmethods.com), which enables customers to buy and sell products and services essential to their operations. Another portal, which has been developed, is for Internet shopping, specifically addressing consumers in Hyderabad. Both the portals are yet to be launched.
The main objectives of the issue are
- To set up and/or enhance facilities for the company's business plans.
- To invest in overseas subsidiaries/companies to support its marketing activities
- To acquire hardware, software and other assets for the forthcoming projects.
- To meet the margin money requirement for working capital
- To meet the expenses of the issue.
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Mr. Rambabu Katamaneni, aged 36 years, is a non-resident based in USA and has been in the IT industry for over 10 years. His educational qualifications include Degrees of Bachelor of Engineering (Mechanical) from Mangalore University, Master of Science (Industrial Engineering) from Lamar University, USA. Professionally, he has been involved in SequelSoft, Inc., USA as its Vice President since its inception and Kodenet, Inc. (which recently merged with Indiainfo.com) during the past 4 years.
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In the last decade, IT software and services industry has grown from strength to strength. Industry revenue has grown eight fold from US $ 50 m in FY99 to US $ 4 bn in FY99. The growing demand for IT services worldwide is being driven by the global shift in economies to a network-centric, information-based model. As per the study conducted by NASSCOM-McKinsey, Indian IT sector is likely to generate nearly US $ 87 bn by FY08. This includes a sizable chunk of IT enabled services (US $ 19 bn), IT services (US $ 39 bn), software (US $ 20 bn) and E-business (US $ 10 bn).
India's export competitiveness stems from a unique position of high-level skill sets at low cost. For instance, the annual salary of computer programmers in US ranges between US$ 36,000 and US$ 48,000 while in India the range is between US$ 4,500 and US$ 10,000. Hence, average salary levels in US are around 6-8 times that in India. Such cost efficiencies are one of the prime reasons for growth in software exports.
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