HYDERABAD: Crippled by the slowing economy in the US and handicapped by poor
high level management, Peak Information technology has closed down its
operations in Hyderabad. The parent company of Peak Information, Peak IT Inc, is
based in the US.
"After accomplishing something in this country, I wanted to share my
experience and investment for a good cause, but all went in vain," said
Dharmender Matha, president, Peak IT Inc.
"I tried more than one and a half years and invested close to a crore in
the Indian company, but it is sad that it had to be closed. The time and money
invested will not come back as the hope of continuing the company operations has
ended," explained Matha.
Peak started its Indian operations about two years ago in Hyderabad with an aim
of providing services and products to business enterprises in Data Management
and Data Warehousing Technologies. The company had a work force of more than 20
for its Indian subsidiary.
It has become common these days, companies with base in the US are facing
problems with their Indian subsidiaries because of the slowdown in the IT
spending. Mostly, the companies are either laying off heavily or shutting down
operations.
Peak’s US operations have remained unaffected. "Inspite of the US
economy, we are still moving with a strategy in the US, which would
sustain," Matha said.