VisualSoft gets R & D contracts

By Our Staff Reporter

HYDERABAD, DEC. 20. The Hyderabad based VisualSoft Technologies has bagged two major long-term R&D outsourcing contracts - one from a Fortune 25 company and the other from a reputed R&D Labs of the U.S. Two more contracts are to be signed in the next 40 days, according to Mr. D. V. S. Raju, Chairman and Managing Director.

Addressing a press conference here on Wednesday, he said these high-end long-term R&D contracts will strengthen the company's efforts to reposition itself as a technology partner, with a products and solutions business model, and not just a service vendor.

Citing confidentiality reasons for non-disclosure of further details on the two orders, he however said one of them was a consumer electronics company with labs in the U.S., and the other a global consumer goods company. Not wanting to project the additional revenues from these four projects, he however disclosed that 250 people would be working on them.

VisualSoft is also planning three overseas centres - two in the U.S. (likely at New York and Silicon Valley, but not finalised), and the third one in London. Each of these business development and support centres would entail an investment of about $2 million. Offices are also planned in Chennai and Bangalore.

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Section  : Business
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