New Delhi: Canada based Wesley Clover Corporation, which provides capital to and manages investments in technology firms, announced setting up of operations in the country. The company has incorporated Wesley Clover Solutions Private Ltd to develop new and existing business opportunities in India.
Making the announcement, group chairman, Terence H Matthews said: “We were having relationships with Indian companies who were basically doing outsourcing for us. Now we plan to develop products in India, which would be sold worldwide. With the rapid growth of the Indian economy, India has become a big market.”
“We will develop new products taking the advantage of the engineering expertise of the country. We have the vision to identify the market, develop the product and then sell it to the consumers. Indian companies lack the vision and visibility as they are mostly involved into outsourcing but we are directly into the market and know the pulse,” said Matthew.
The company is planning to acquire some software companies in the country, and a formal announcement would be made in this regard sometime next year.
To anchor its operations in India, Wesley Clover has appointed Anil Khosla as the ceo and managing director of its Indian arm. Khosla has earlier worked with International Telephone & Telegraphs of USA, Alcatel, Telestra and AT&T.
Informing about the operations of the company in India, Khosla said: “We are not new to the Indian market. Wesley has been working with several of them. We have identified the companies and would be overtaking some of them to get them under the Wesley umbrella. The take over can be in different forms, from equities swapping to cash buy out, it depends on the company. But we are going to acquire only those companies which can value add to Wesley Clover.”
“We will acquire a company and covert it from an outsourcing firm to a product developing one and the IPR will rest 100% with India,” said Matthew, when asked about the process of take over.
The chairman of Wesley also predicted that in the years to come India is going to change and a number of products will be developed here rather than outsourcing.
The Wesley Clover operations in India will work closely with other business affiliates and partners to introduce state-of-the-art Internet Protocol (IP) technologies. It will invest in research, development and support services to develop new, innovative applications for the portfolios of solutions from associated companies both in India and worldwide.
“Our associated companies are already working in India, and opening our office here will not only expand our operations here but will also allow us to address the very significant market opportunities that exist today. We will draw on the local, highly-skilled pool of engineers to create new IP based applications for businesses,,” said Matthew.