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Infosystems
Private Limited (RPIPL) is
on the move to pick up at least 46 percent stake in Ontrack Systems
by the end of this month. It is the company's maiden venture in the
IT software front and will leverage its existing hardware business
for the same. However, it is not considering a merger with Ontrack.
Talking about the liaison with Ontrack, Kaustuv Ray, Chairman, RPIPL
said, “We will be picking up 46 percent preferential share of
Ontrack and will target another five percent as an open offer,
thereby
the
total share percentage to 51 percent and making Ontrack a sister
concern or subsidiary o
The decision is pending in
the BSE and Ray is optimistic about the final verdict which is to
come out by the end of May. Besides, Ontrack will be conducting its
AGM on May 13.
Ontrack is a
software company working on the Microsoft, Java, Visual C++ and
Internet security solutions. Also, the company concentrates on ASP
and PHP offerings. With a wide array of clients ranging from BFSI,
retail, real estate, manufacturing for agricultural industries, the
company also caters to the
needs of the verticals. Alongside, it
also has an integrated BPO focus. As a listed company on the Mumbai,
Kolkata and Chennai stock exchanges, 80.31 percent of the total
shares of Ontrack are
the
company promoters while the remaining are in the open offer B2
category in BSE. “The business liaison will boost both
as
well as Ontrack as the client base will increase considerably,” Ray
said. While RPIPL is concentrating on the domestic market to increase
its marketshare and planning to revitalize the branding process,
Ontrack's offshore client base is likely to boost RPIPL's
exports.
new
venture with Ontrack will facilitate our brand Chirag as we will
have direct access to the global client base of Ontrack. We have been
focusing on hardware so far but now our clients are asking for
software solutions from us too. Being the largest promoter of Ontrack
will facilitate RPIPL to cater to our client's software needs too,”
Ray added. However, Ray did not divulge any information regarding
RPIPL's venture to open a software solution firm. RPIPL traded
Ontrack's shares at Rs 10 per share, paying an additional Rs 2
premium for every stake, taking the total to Rs 12 which is Rs 2 more
than the listed share price of Ontrack.
According to
B Hari, Chairman and MD, Ontrack,
last FY, Ontrack's total consolidated revenue was registered at
Rs 29.61 crore with a loss of
7.12
Also, it needs to be noted that the company postponed its initiatives
to enter the defense sector as well as withheld its plans for
acquiring a US-based company on the account of the grim market
situation as well as due to some internal process changes. Besides,
Kant and Co, an investment arm of a leading group from Kolkata has
already taken a 13.04 percent stake in the company, last FY.