Cygnet and Avant Group Corporation Launch Joint Venture for Compliance and Governance Solutions
Cygnet and Avant Group Corporation have launched a joint venture by the name DivaCygnet to provide end-to-end governance, financial consolidation, and compliance solutions one country at a time beginning with the Indian market.
DivaCygnet will debut with the company's two star products: its DIVA financial consolidation statement solution and Trinity board management software from Avant Group Corporation. "We are excited to be launching DivaCygnet – it stands as testimony to the transformational thought leadership that has been collaborative", said Surendra Sharma, Managing Director and Board Member of Avant Group Corporation. "This joint venture is a significant milestone in our efforts to empower businesses around the world with avant-garde technology that simplifies operations and ensures compliance".
Well known for its marquee product, Cygnus Tax, Cygnus.World offers GST compliance automation for enterprises in India. As a GSTN-authorized GSP and IRP, Cygnus is already processing close to 20% of all e-invoicing traffic in India, furthering the cause of compliance with technology.
By targeting more than 200 large multinational corporations with a presence in India and more than 20 subsidiaries, DivaCygnet expects significant business. The joint venture plans to clock revenues of INR 50 crores over a period of three years, thereby growing at a scorching year-on-year growth rate of 250%. This strategic partnership could just be the précis one needs to get into major business growth and profits.
Niraj Hutheesing, the Founder and Managing Director of Cygnet.One, said, "This joint venture brings together expertise, innovation, and commitment to solving the challenges many CFOs and chief executive officers face. While meeting the ever-evolving needs of CFOs, our ambition with DivaCygnet is to surpass that effort and cover a broader spectrum of challenges faced at the C-level".
Riding on the brand presence developed by Cygnet, DivaCygnet will pursue a strategy of field operations and specialized teams deployed locally in key regions such as Mumbai, Delhi, Bengaluru, and Pune. This is a multi-pronged effort to establish maximum market penetration, driving adoption of DIVA and Trinity among Indian and UAE corporations.
Moreover, DivaCygnet will enhance the market presence by constructing strategic associations with the accounting firms and software integrators. The matters of geographical growth in the new markets, where Cygnet.One has built up enterprise exposure, will also be taken into consideration to further its reach and impact.
The partnership between Cygnet and one of the industry's leading giants, Avant Group Corporation, is another step in responding to the ever-changing governance and compliance needs of large enterprises with innovative solutions designed to assist such firms in gaining operational optimization.
