Upfront

Neilsoft registers 59 percent growth

Neilsoft announced that their revenues grew by 59 percent in FY 2006-07 to approximately Rs 65 crores. Speaking on the occasion Ketan Bakshi, Chairman & Managing Director said, “This growth was the result of a high demand environment and more importantly, our ability to scale and partner with new clients.” The company would also be going for a second round of funding for about $7 to 9 million. At this point the company has no plans of going public.

Speaking about new initiatives, Bakshi announced Neilsoft’s foray into the domestic market for ‘Building Systems & Industrial Projects’ services. He elaborated, “Our ability to scale our international experience and our quality processes will bring forth a strong value proposition to our Indian clients with an integrated set of engineering services in this sector.”  The company would initially be targeting domestic players in construction, transportation and automotive.

Bakshi revealed that the projected domestic share of their business for FY 2007-08 would be 10 percent and 20 percent in the subsequent year. Commenting on future opportunities, Bakshi said, “One of our key challenges in the near future will be to achieve success in our initiatives to establish access to key markets in the new geographies of Europe and APAC including India and the Middle East. As a part of our initiatives, we are building dedicated teams to pursue future opportunities in these markets.”  

Established in 1993, Neilsoft is a specialist engineering and technology solutions company catering to clients in the building systems, industrial projects, industrial machinery & equipment, automotive, marine, & software verticals, helping them enhance their product/ project engineering efficiency.