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News >> Technology >>
CSS of US spins off products arm
By siliconindia
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Wednesday, 23 June 2004, 19:30 IST
CHENNAI: San Jose-based Cybernet Software Systems (CSS) Group said on Wednesday it had spun off its $5 million software products division Synaptris Decisions into a separate company, targetting a revenue of $30 million for the new company in three years time.
The Synaptris Decisions, with a portfolio of three software products, would be a 100 per cent subsidiary of CSS initially, but would receive external funding in the last quarter of this fiscal to boost its sales and marketing team in North America and Europe, Shiv Kumar, founder, CSS Group, said at a press conference here.
CSS Group, which has a total staff of 1,400, would transfer its 90 employees to Synaptris, as part of the spin-off, Kumar said. "We are confident of growing to a $30 million company in three years time," he said.
CSS Group has four R&D centres in different locations in Chennai and had earlier spun off two other divisions into separate companies viz., SlashSupport, an advanced tech-support company in 2000 and ReadyTestGo (RTG) in 2001.
Kumar claimed Synaptris products in the reporting and business intelligence space (Intelliprintplus, intelliview and Synaptris Reporter) had a proven track record and a large customer base.