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| The Hindu
» April 14, 2007 |
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| Xtenza joins hands with PetroGold |
| CHENNAI: Xtenza Solutions Pvt Ltd., which is developing business applications for the extended enterprise, has joined hands with PetroGold group of companies in Kuala Lampur, Malaysia, to market its products for the supply chain companies in the Southeast Asian region. A new joint venture company, Xtenza Solutions Malaysia Sdn Bhd, will be formed for this purpose. Xtenza Solutions is a subsidiary of the U.S.-based IT service company, Softnet Solutions. |
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| The Economic Times
» March 31, 2007 |
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| Xtenza to form JV in Malaysia with Petrogold |
| CHENNAI: Xtenza Solutions, a Chennai-based software company, has joined hands with Petrogold Sdn, a Malaysian company with interests in trading, to set up a joint venture in the Southeast Asian country to tap the growing IT market in that region. |
| Petrogold would hold 51% stake in the joint venture essentially to benefit from the sops local companies are entitled to in Malaysia. Petrogold would also leverage on its existing relationship with Malaysian companies, including oil and gas major Petronas to sell software applications developed by Indian parent.
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| Xtenza offers solutions that promises to make an organisation’s supply chain more efficient by automating some of its transactions with suppliers, logistics providers, dealers and finance agents. Its major domestic customers include Hindustan Zinc, Sterlite, Eicher and L&T.
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| PN Subramaniyan, director of Xtenza, said the joint venture, to be called Xtenza Solutions Malaysia, would be based in Kuala Lampur and would also target Singapore, Brunei, China and Indonesia. The initial thrust however, would come from Malaysian companies. The company is set to go on-stream by third week of April.
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| Mr Dato Jamal Husain, advisor to Petrogold said the joint venture had the potential to earn $100 million from Southeast Asian market in five years time. Petrogold reported net profit of about $8 million on revenue of over $70 million last year.
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| Xtenza is a subsidiary of US-based Softnet Solutions, which picked up 50% stake in the company from its promoters who now hold the remaining stake. Softnet, headed by an Indian settled in the US and with about 70 employees, has revenues of about $10 million.
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| The growth of the joint venture would be driven by large companies looking to get more out of their IT systems. Xtenza was already in talks with Petronas, Mr Husain said. If the deal works out, it would be the JV’s first major customer.
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| Raghavan Subramanian, director of Xtenza, said while the market was quite competitive, it hoped to benefit from its products’ lower price and faster implementation time.
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