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NextSet opens development center

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CIOL Bureau
New Update

BANGALORE: NextSet Software, provider of open, high-performance business

exchange automation (BXA) solutions has formally launched its eBusiness product

development center in Bangalore.

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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.

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