Nucleus Software Exports Ltd, the banking and financial software developer said it will spend Rs 30 crore on the first phase of its software development
NEW DELHI: Nucleus Software Exports Ltd, the banking and financial software developer said it will spend Rs 30 crore on the first phase of its software development centre in Jaipur, which will primarily be used to develop new products.
The facility will be in Mahindra Group’s Special Economic Zone (SEZ) in Jaipur and has acquired 17 acres of land. The company could employ 1,000 people, with operations starting by July 2009.
The Noida-based company said, apart from having the “early mover advantage”, the new centre will provide tax benefits and lower attrition levels compared to cities such as Delhi and Mumbai.
“In cities such as Delhi, you have around 200 companies who are looking for people on a daily basis, but the competition is less in Jaipur. This will lead to lower attrition levels,” Nucleus Software’s HR head Ravi Verma told DNA Money.
Nucleus, which gets about 70% of its revenue from top five clients, has a total capital expenditure budget of Rs 50 crore for the fiscal.
“We will continue to grow and enter newer markets, and over a period of time we want the top five clients to contribute about 50% to topline,” Nucleus financial chief Pramod Sanghi said.
Nucleus posted a 14.8% increase in its net profit for the fourth quarter. It earned Rs 16 crore on consolidated revenue of Rs 78.1 crore. Africa, India is about $5,00,000 and South East Asia is $7,00,000.
The company plans to hire additional 500 employees in the fiscal 2008-09, primarily in the last two quarters to ramp up its Jaipur centre.
Nucleus has developed solutions for retail banking, corporate banking, credit cards,
The company said that it expects a “strong demand” from the domestic markets and South East Asia, Middle East, Africa, Europe, Australia, Japan and Latin America.
The average deal size for the company is about $1 million in the Middle East and ATMs, foreign exchange trading, credit appraisal, cash management, trade finance and workflow.
vivek_s@dnaindia.net
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