Onward to launch core banking solution

MUMBAI: Onward Technologies plans to launch its core banking solution 'Bank Brick' for small and medium size banks.

This comes close on the heels of the selling its stake in Onward Novell. It is planning to grow organically and inorganically and is eyeing acquisitions that can supplement its existing portfolio of products and services.

Harish Mehta, chairman and managing director, Onward said, “The acquisitions will help us spreading our base further.”

Onward currently provides solutions to banks and is also a global partner of Novell in IT services sector. But the major chunk of revenue comes from product design division.

The company had acquired Kale's banking product portfolio few years back and integrated it with its own products. The company provides banking solutions to 40 banks and 4000 branches in the country.

It is planning to launch 'Bank Brick' within the next quarter.

On IT services, the company has become a global partner of Novell after it sold its stake in Onward Novell. The company would provide consulting in the areas of identity management and open source.

It already has two dedicated business development centers in UK and US, which are currently servicing 10 Novell customers. The company is also looking at acquiring Unix based CMM level 5 companies.

The company looking at expanding its product design portfolio through acquisitions. “ It is a $12 billion market and we see huge potential in this area,” Mehta added.

Onward generated revenue to the tune of Rs 55 crore last year. Product design division contributed Rs 35 crore while banking services contribution was Rs 12 crore.

The company is targeting Rs 100 crore revenue and 1000 employees. However, it is yet to specify a timeframe for this.