Software and business solutions firm Octaware Technologies Limited announced the opening of its new branch in Bengaluru, India, to provide services to multinational customers for the establishment of captive development centers in India.
This branch will house the captive development center of Al Musbah Group (AMG), a business conglomerate with 20+ business units headquartered in the Kingdom of Saudi Arabia. AMG has businesses spanning real estate and retail to IT and telecom.
The captive development center model means offering clients a logical extension of their IT team. Captive units are set up to run the exclusive development outfits for clients. Octaware has hired top talent from the e-commerce industry and plans to rapidly grow its Bengaluru operation over the next several years.
Incorporated in 2005, Octaware Technologies Ltd is a software development company providing a range of information technology solutions. The company designs, develops, and maintains software systems and solutions, including advanced technologies such as artificial intelligence, cloud, analytics, big data and Internet of Things (IoT) solutions. The company is listed on the Bombay Stock Exchange (BSE) SME platform.
The company’s Bengaluru operations, which opened on Monday, 1st June 2020 will focus on building the e-commerce platform for HNAK, a group company of AMG. The Bengaluru team will work in collaboration with the HNAK team in Saudi Arabia to deliver innovative and industry-leading solutions with scale, experience, and a client-focused approach.
Speaking at the launch of the new Bengaluru office, Anwer Bagdadi, CEO, Octaware Technologies Limited, said, “There is no better time to open a new captive development center given the current global situation where everyone is looking at coming back up stronger. This captive working model is gaining popularity in India, due to the depth and breadth of the country's technical expertise. We will continue to strengthen our offerings with captive development services to further boost our growth."
“The Saudi Arabia e-commerce market is currently US$ 6 Billion and anticipated to surpass US$25 Billion by the end of the year 2026 driven by increasing mobile and internet penetration," said Qutaibah Al Sharif, CEO, HNAK.
“The IT talent pool in India is astonishing. It is a great opportunity for us to set up a captive development center in Bengaluru, India, in partnership with Octaware Technologies, which brings in over a decade of technical and business expertise, and shall help us execute the vision of HNAK across the Middle East region," he added.
“We are excited at our partnership with AMG, and the opening of our new Software Development Centre in Bengaluru. We are confident that this new partnership will mark a new beginning in the way Octaware Technologies operates in the middle-east region," said Aslam Khan, Founder Chairman and Managing Director of Octaware Technologies. “There are many opportunities that exist in today's market, and we are making a strong statement by effectively increasing our workforce by 200%."
About Octaware Technologies Limited
Incorporated in 2005, Octaware Technologies Ltd is a software development company providing a range of information technology solutions. The company designs, develops, and maintains software systems and solutions. Company's services include software and enterprise portal development, ERP and CRM implementation, mobile platform solution, AI/ML, NLP, RPA& Chabot solution, cloud, security and IT infrastructure services, analytics, Big Data & IoT solution, and geospatial services.
Octaware provides specialized software application and product development services and solutions in the areas of healthcare, finance, and e-government industry. The company has proprietary products for domestic, as well as international markets, such as PowerERM – Human Capital Relationship Management, Hospice – Healthcare and Citizen Services solution, SifaCareMD – Urgent care solution, and iOnAsset – Inventory management and tracking System etc. These products are available as packaged products as well as software-as-a-service model integrated with legacy system.
About Al Musbah Group
Al Musbah Group (AMG) is a successful network of companies thriving in diverse businesses across Saudi Arabia. Commencing business as a retailer of perfumes, the Group has since expanded business into varied sectors; Real Estate, Retail, Construction, IT, Food & Beverage, Xplora Travel Retail, ForeVision, Al Musbah Telecom, and BYD Auto Dealership, to name a few. Manufacturing our own brand of Al Musbah cosmetics and fragrances, and retailing our Xplora brand of travel accessories, we operate more than 40 SENSI perfumes and cosmetics outlets across the Kingdom, as well as the 9000 sq m Abraj Hypermarket and the Abraj Avenue department store in Makkah.
www.hnak.com - an e-commerce platform offering a vast variety of local and international products, ranging from categories like electronics, fashion, toys, and beauty. Hnak.com is focused on providing a platform for our creative community of local designers to develop and grow their brands.
Disclaimer: This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "anticipate", "expect", "will" and similar expressions generally identify forward-looking statements. These statements reflect our current expectations and are subject to a number of risks and uncertainties including, but not limited to, change in technology and general market conditions. Actual results and developments may differ materially from those contemplated by these statements. Due to the many risks and uncertainties, Octaware Technologies Limited cannot assure that the forward-looking statements contained in this press release will be realized.
The above-noted options may or may not be exercised. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company does not undertake to update forward-looking statements, except where required by law.
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