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Logix Microsystems plans foray in EU
By siliconindia
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Tuesday, 08 January 2008, 20:30 IST
Bangalore: Bangalore based Logix Microsystems, software company that develops automotive e-retailing solutions plans to expand its operations in Europe and West Asia this year, reported the Business Standard.
"We have been growing in the U.S. As we see a sign of slackness in the U.S. market this year, we want to focus on other markets for growth. In order to keep our growth momentum intact, we have decided to expand outside the U.S. and Europe and West Asia are natural choice for us to go forward. In addition, we have a huge untapped Indian market ahead of us, where we recently launched our product," said Pankaj Patel, Vice President, Logix Microsystems to Business Standard
By the end of first quarter next fiscal year the company plans to open two global offices at London and Dubai. The London office will take care of the UK market added Patel.
The company aims to launch its flagship product, izmocars, a portal that helps car manufacturers and dealers sell their products by using creatively-designed and developed streaming multi-media content.
Car buyers can seek individual car prices, technical specifications and features, tools to compare cars of their choice, reviews, car accessories, financing tips, loan tips and insurance tips from izmocars.
The company has made a significant growth in India and it recently launched a new product under the Carazoo brand in India.
"The response in India is very slow. New car dealers are yet to understand the importance of online sales. Though internet penetration is wider in the country, car dealers are a bit slow in pushing sales through the net," opined Pankaj Patel.
The company has already made two acquisitions in the U.S. like Carsite and ReckonUP and is planning to acquire a company in the auto accessories and leads management software space.
"We have shortlisted two-three companies and are doing the due diligence and we hope to conclude the deal by end of this financial year. The acquisitions being explored will place izmocars amongst the top three automotive e-retail solutions providers in the U.S.," Patel said.
