Goldstone Engineering changes name to Goldstone Technologies

BANGALORE: Goldstone Engineering Ltd., a Hyderabad-based telecom

equipment manufacturing and software development company, has announced its decision to change its name from Goldstone Engineering to Goldstone Technologies. This move is in consonance with the company's objective to address new opportunities by shifting its focus from engineering to technology. Under the new set-up, Goldstone Technologies will have two divisions-software and telecom.

Goldstone’s software operations will focus on developing niche capability in the emerging areas of Enterprise Application Integration (EAI) based on its strong relationship with Forté of US–Goldstone exclusively distributes Forté products in India, has a development center focussed on building adapters on Forté, and is an authorized training centre.

Other areas of thrust for software operations are in the areas of enterprise decision support systems (DSS) for which it has a tie up with MicroStrategy of US. Goldstone has a strategic alliance with IBM for e-commerce products. In order to fund these plans, the company has obtained shareholder’s approval to increase its share capital from Rs 12 crore to Rs 20 crore which will be offered to the promoters of the company and to

foreign institutional investors/NRI's/OCBs etc. at a premium. Recently Goldstone acquired two US-based software companies PrimeSoft and Fortech Software Inc. through a stock swap option. With these acquisitions, Goldstone expects its turnover from software operations to double every year for the next 3 years.

Goldstone has established five marketing offices in the US and has plans to establish two more offices in Europe. The company has obtained shareholders approval for the issue of equity shares to employees under ESOP scheme.

Goldstone’s telecom division has set up the largest manufacturing facility as per international standards in technical collaboration with Pirelli Spa of Italy and Fujikura Ltd., Japan. Goldstone along with its subsidiary, Newtech Stewing Telecom Ltd. controls 40 percent market share in the outside plant accessories segment.