Logix Microsystems Hives Off Carazoo.com As A Subsidiary Company
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Logix Microsystems Hives Off Carazoo.com As A Subsidiary Company

By SiliconIndia   |    6 Comments
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Bangalore: Bangalore-based interactive automotive solution provider, Logix Microsystems has decided to dispose its online platform Carazoo, which will be turned into a separate subsidiary. Logix Microsystems hopes that this move would enable it to raise funds independently. The company has informed the Bombay Stock Exchange of its decision.



Logix Microsystems was co-founded by Sanjay Soni in 1996. He has over 15 years of experience in the software industry and was authored several books on Computer Science. He pursuer his Bachelor’s in Commerce from the University of Mumbai and holds an MBA from IIM, Bangalore. Soni has also received an award from the Late Prime Minister Rajiv Gandhi for his work on the spread of comouter education in India in the 1990s.



Logix Microsystems is backed by Passport Capital and by Ashish Dhawan of ChrysCapital in his personal capacity. Carazoo has shown a jump of 51 percent in its revenues in 2010-11 and is one of the portals dealing in automobiles, which have attracted a lot of investments.



Logix owns izmoStudio, and its product offerings include izmoWeb, izmoMobi, izmoRainmaker, iConsult, iCRM, AddOnAuto, izmoLive, izmoMail, and izmoMedia. The clientele includes General Motors, Ford Motor Company, Mitsubishi, Yahoo! Autos, AOL Autos, and many other Fortune 500 retailers. The company markets its products in U.S. by izmocars and in India by Carazoo. The company also offers Enterprise Software products, which include Hummingbird, Mainframe Connectivity, Training Services, Secure Computing, Bakbone, Safend, and many others. The media solutions offered by the company include izmomedia CarSite Automative Portals and izmoReader device. Logix has been awarded the Deloitte Technology Fast 500, Asia Pacific for three years.



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Reader's comments(6)
1: No project guideline, no road-map, company driven by some of the idiots who think themselves the most intelligent. They are not paying salary on time to the employees. they have not paid the PF contributions and the retention and performance bonus which is shown as the part of CTC at the time of joining is not being paid to employees since last 3 years... They have added a component in CTC called superannuation to which a major share goes and there is no superannuation account is setup with LIC or there is no trust to manage superannuation fund... so practically this is made to fool employee... earlier its eligibility criteria was made as 5 years from joining but when management saw that many employees are approaching to be eligible for this so one week before completion of this term they increased the criteria to 60 years (i.e if someone retires from this company at the age of 60 from this company then only he or she will get this money which will never happen.
Posted by:digital age - 05 Apr, 2013
2:
The company will not last till 60 years. Fool-proof policy by handful of baffoons.
Ashok Padhaye Replied to: digital age - 05 Jul, 2013
3: Top class fraud company and worst Management in India which I have seen in my whole carrier...
Posted by:Mithun - 07 Nov, 2012
4: Well, well, wonders will never cease.
Once again the company is trying to raise funds to get itself out of the morass it has sunk into.

Hope they clear all the dues to poor ex employees who are still waiting for their final settlement, even after 6 months, as well as the PPF and Tax authorities who too have not seen the regular deposit of funds which the company deducts from its employees/vendors.

They are not even issuing the TDS Certificates, there is rampant mismanagement. A fit case for SEBI Investigation.
Posted by:K Raju - 29 Dec, 2011
5:
Talking abt PF/TAX and final settlements?? funny .. i heard some thing like they were not even paying monthly salaries ..
Ranganath Replied to: K Raju - 19 Mar, 2012
6: Oh that’s great new hopefully…if they are able to sell Carazoo they might pay my salary and final settlement which is due since 6 months….
Posted by:Sagar - 29 Dec, 2011
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