Chennai-based software company Xtenza Solutions has formed a IT JV with Malaysian trading company Petrogold to tap the growing IT market in Malaysia. Petrogold would hold 51% stake in the joint venture.
Xtenza is a subsidiary of US-based Softnet Solutions, which picked up 50% stake in the company from its promoters who now hold the remaining stake. Softnet is headed by an Indian settled in the US and with about 70 employees, has revenues of about $10 mn. It offers solutions that make an organization’s supply chain more efficient by automating some of its transactions with suppliers, logistics providers, dealers and finance agents. Its major domestic customers include Hindustan Zinc, Sterlite, Eicher and L&T.
The joint venture would be based in Kuala Lumpur and would also target Singapore, Brunei, China and Indonesia, with initial thrust coming from Malaysian companies. The company is set to go on-stream by third week of April.
Read The Economic Times article for more details.
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