The Hindu : Accel ICIM to expand

Online edition of India's National Newspaper
Friday, Jul 04, 2003

Business

Business

Accel ICIM to expand

By Our Staff Reporter

CHENNAI JULY 3. Accel ICIM Systems and Services is on the look out for a private investor to fund its expansion programme. It needs $5-10 million for increasing the company's working capital, developing its BPO business and expanding its infrastructure facilities. If it fructifies, this will be the third round of external funding made by a private investor. Earlier, Intel Capital and ICICI Ventures had financed the company. The existing equity base of the company is Rs. 13 crores.

Addressing a press conference here today, N R Panickar, Chairman and CEO, Accel ICIM, said as part of its strategy to emerge as a strong IT service player, the company had made a foray into `warranty support/business process outsourcing' to service international clients. The company had made an initial investment of Rs. 5 crores in this division, which had staff strength of 135 people to provide support at multi locations.

The Chairman said 2002-03 was a consolidation year for Accel ICIM. In order to bring more focus to its diversified business, the company had created five strategic business units - warranty outsourcing services / BPO, integrated technology services, enterprise software solutions, global software services and IT infrastructure solutions. Though all these divisions would run with separate revenue targets, synergy in their operations would provide the company with necessary bandwidth to emerge as turnkey solutions partner.

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