ISG Novasoft to open near-shore facility in Ireland

PS Vidyalakshmi

Chennai-based ISG Novasoft (ISGN), an outsourcing services company which is part of the KK Birla group, intends to start a near-shore facility in Ireland by the end of this fiscal.

Krishna Srinivasan, the company's CEO said, “The Ireland center would take care of the outsourcing activities happening from both UK and US markets. Besides we are also looking at Australia as a prospective market and will start operations in Australia soon.”

Focusing on the application management outsourcing (AMO), product development and enterprise risk management (ERM) space, the company mainly serves the manufacturing and BFSI segment. ISGN had been delivering these services for customers in the US, UK, Germany and Singapore.

“ERM is a sunrise segment today, wherein enterprises needs to have a risk compliance setup established. And ISGN provides consulting and software solutions that help companies identify, prioritize and manage enterprise risks,” said Srinivasan.

The market for financial compliance application is expected to grow from $ 1.1 billion in 2005 to over $ two billion by 2009 and a CAGR of 17 percent. In addition, nearly 15 percent to 30 percent of the overall IT budget among US enterprises would be on compliance and risk management efforts,” he added.

For ISGN, nearly 50 per cent of its global revenues comes in from the AMO and product development market. Last year, ISGN clocked revenue of $ 14 million and expects to grow by 70 percent this year. With a current employee base of 375 globally, ISGN hopes to increase its headcount to 500 before March 2006.