BANGALORE: NextSet Software, provider of open, high-performance business
exchange automation (BXA) solutions has formally launched its eBusiness product
development center in Bangalore.
NextSet’s solutions are aimed at connecting the brick and mortar companies
with their partners, customers and suppliers through the Internet. Speaking
about the company, NextSet founder and CEO Simon Yencken said, "NextSet
will provide a platform for Global 1000 companies, financial institutions,
application service providers and e-markets. To maximize the benefits of
eBusiness, it has become imperative for global companies to deploy Internet
based exchanges that not only automate and integrate their business process, but
also extend and optimize all exchange activities among enterprises, trading
partners and marketplaces. NextSet’s products put each customer in control of
their own trading relationships and transactions."
In India, the company has development centers in Bangalore and Chennai. By
the end of this year or early next year NextSet plans to have development
centers in Hyderabad and Pune. It is investing $20 million in its expansion
plans in India over the next 12 to 18 months. It also has plans to acquire a few
companies in India, which are into the same line of business. Currently, 160
employees are working in the Indian region, which is expected to touch 300 by
this year-end. "Presently, we have 10 projects in hand and another 40 in
the pipeline. We expect to record revenues of $100 million in the first year
itself through these projects," said Yencken.
Earlier this year, California-based software company GlueBeans had merged
with NextSet Software in a stock swap deal. Following the merger, Orchid Soft
India–the wholly owned subsidiary of GlueBeans–which had development centers
in Bangalore and Chennai become the subsidiary of NextSet. It was subsequently
renamed as NextSet Software India Ltd. NextSet has an investment of $16 million
from Integral Capital Partners and global private investors. It is planning to
raise additional investments by next month in its second round of funding. The
company has development centers in California, Bangalore, Chennai and regional
offices in New York, London and Sydney. NextSet plans to go for a Nasdaq listing
by next year.