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Axis Software to expand 25 times over by 2010

Axis Software to expand 25 times over by 2010
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First Published: Thu, Aug 16 2007. 11 42 AM IST

Updated: Thu, Aug 16 2007. 11 42 AM IST
New Delhi:Axis Software Pvt. Ltd, a biometrics technology company has announced expansion plans to achieve a turnover of Rs450 crore by 2010, a jump of 25 times over 2006-07.
Axis is expecting to book gains in the global markets this year while the company continues to focus and invest on development of innovative banking products.
The y are opening their new headquarters in Pune and operations will commence by the third quarter of this financial year. The new centre is spread over an area of 35000sq.ft and is self-financed by the company with seating capacity of 350 people. The facility will include a full-fledged product design and customization centre along with R&D services.
Plans are underway to set up satellite offices globally in US, Europe and Middle East. Abhay Khinvasara, founder and CEO, said, “Given the visibility of existing relationships, and our expansion into new service lines, verticals and geographies, scaling up the company’s footprint is imperative to meet our customers’ needs.”
The company has forged several new alliances and initiated many new business relationships with renowned names in the banking and financial domain.
Meanwhile the company has developed an advanced ATM/ kiosk for an American financial institution which is capable of performing all the activities of a small branch including funds-transfer, check truncation (cashing), loan application, loan disbursal and currency and coin acceptance as well as disbursal. Axis has christened this machine as the ABM (automated banking machine).
Also a leading international bank is buying a large number of ATMs from Axis and deploying them across North India. They have recently developed the Retro Fit Kit which can be integrated with a regular ATM to make it more secure with fingerprint authentication technology. The functionality of the upgraded ATM remains the same with an added advantage of Biometrics.
Biometric solutions
Both these products have immense potential for application in unbanked areas of India. Use of Biometric solutions for providing banking facilities at the doorstep, like using smart cards for opening bank accounts with biometric identification, presents great potential for scalability of the FI initiatives.
The ability to offer tailor made solutions, strong focus on innovation research and deep domain knowledge about core and allied technologies to offer well integrated and affordable solutions to clients in worldwide geographies have proven to be the most compelling differentiators for Axis in the market today.
The terms ”Biometrics” is used generally to refer to the emerging field of information technology devoted to automated identification of individuals using biological traits, such as those based on retinal or iris scanning, voice patterns, dynamic signatures, fingerprints, face recognition, or hand measurements, especially for authentication purposes.
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First Published: Thu, Aug 16 2007. 11 42 AM IST