Zenith Infotech to double its growth this year

Aiming its sights on the co-operative banking sector, Zenith Infotech plans to

grow by 100 percent this year. The company is expecting exceptional growth from

its core banking solutions. It also plans to focus more on its new in-house

developed product Systems and Applica-tions Administration (SAAZ) from Zenith.

Akash Saraf, CEO, Zenith Infotech, said, "Currently most of our revenue

come from the core banking solution we provide. But our new manage-ment network

suite SAAZ has got good feedback in the US and we are expecting same to happen

in India too."

Currently, 95 percent of company’s revenue comes from core banking solution

and rest from its new product ‘SAAZ’. The company genera-ted revenue of

around Rs 15 crore last year and is expecting revenue of around Rs 30 crore by

end of this fiscal. It has already crossed Rs 15 crore mark this September.

The company till date has around 100+ customers in the banking sector and has

net-worked around 2,400 branches. According to Saraf, the comp-any has

competitive advantage over other banking solution provider because of its focus

on PSU banks and rural co-opera-tive banks. As this segment is in its nascent

stage, Zenith plans to tap it more aggressi-vely and add around 75 custo-mers

annually.

The company claimed that in India there are around 3,000+ co-operative and

PSU banks that are yet to be computerized and the market is pegged at around Rs

340 crore.

Zenith’s banking solutions include modules that take care of anytime

banking services that include any-branch bank-ing, ATMs, Internet and cellular

phones. Similarly it has other modules that deal with instant collection and

payment servi-ces, cash management services, consumer and agricultural

financing.

Another product that the company is banking on is SAAZ. Zenith had launched

its IT management suite, SAAZ, some nine months back in the US market. The

product is targeted at the enterprises looking for integrated IT monitoring

solutions, which are affordable, faster to deploy and easy to use. The company

has appointed around 30 resellers to sell its product in US and this number is

expected to go up to 100 by end of 2004.

After getting a positive resp-onse in the US, Zenith launched ‘SAAZ in the

Indian market six months back. Currently, the company is selling it directly in

India but eventually plans to sell it through System Integra-tors (SI) only. It

is in the process of signing with around 10 SIs in India.

Zenith currently has around 64 ‘SAAZ’ customers, of which 33 are in India

and the rest are in the US. The company is planning to launch this product in

other geographical locations namely Singapore and Phili-ppines and under

developed markets in the next six months.

Zenith is currently working on a bandwidth management solution that it will

either integrate with SAAZ or launch separately.

Rahul Gupta


Mumbai


(CyberMedia News Service)