Omega Software in talks with venture capital firms

BANGALORE: Delhi-based Omega Software is in the process of finalising a deal for venture capital funding into the company. Omega is in talks with three venture capital firms and is shortly expected to sign the deal with one of them, who will bring in about Rs 5 crore for the company's expansion plans.

Omega manager business development Prasenjit Banerjee told CIOL Bureau that the company was investing around Rs 7 crore in the expansion program. "We want to be an Rs 20 crore company by the year 2005, " he said, adding that Omega planned to go public in about 18 months time.

As part of the expansion plan, the company will open its first office in the US during the current fiscal year. It will also open domestic offices in Pune and Chennai. Omega will also shift its corporate headquarters from Delhi to Bangalore. The company is also looking at taking up a large facility at ITPL - Bangalore and is also planning to increase its employee strength from 60 to 100 by March 2000.

The company focuses on the manufacturing and financial sectors for which it has ERP packages. The ERP package for the financial sector is called "Insight" and is targeted at the medium and large companies. Some of the clients of Omega include Volvo India, State Bank of India and Reckitt and Coleman India Ltd.