Total IT solutions to raise $10 mn through private equity

Total IT solutions to raise $10 mn through private equity
PTI
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First Published: Mon, Jan 21 2008. 11 34 AM IST
Updated: Mon, Jan 21 2008. 11 34 AM IST
New Delhi: Digital software solutions provider Total IT Solutions on 21 Jannuary said it will raise $10 million through private equity and venture capitalist firms for funding its expansion plans.
“We are planning to raise $10 million through private equity and venture capitalist and will be investing the same in expanding our operations to new geographies like Middle East and new regions in Asia,” Total IT Solutions Managing Director Rajiv Mishra told PTI.
The company is also expecting over 22% rise in its turnover this year at Rs22 crore against Rs 18 crore last year, he added.
Mishra said the company has already initiated plans for market expansion with many leading companies of the region for distribution of their products and solutions.
“We have gone through extensive market research in the Middle East and Asia before initiating our sales and marketing plan with companies which have strong foothold in the region and having existing relationship with libraries in the region,” Mishra said.
Total IT Solutions, currently has 100 professionals and plans to increase the headcount across all its centres to 500, he added.
The company’s e-library solution has already been implemented across 200 institutes in the country.
The firm is also planning to launch a search portal -- Globalperiodical.com, which researchers can use to look for journals. E-library software solution helps the traditional libraries to migrate to the digital platform.
Other products from the company’s stable includes -- electronic journals server, solutions, virtual library, library digitisation, e-subscription and library security and inventory solutions among others.
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First Published: Mon, Jan 21 2008. 11 34 AM IST