Opus Soft to set up subsidiary for cards

PUNE: Opus Software Solutions — a company specializing in mission critical software products for the financial services industry is establishing a wholly owned subsidiary Electra Card Systems in Mumbai in February next year.

Opus has brought on board Steve Grubb as its new chairman. This strategic appointment comes close on the heels of Opus starting its Middle East operations. Grubb was the chairman and CEO of the US-based PaySys International Inc., a company involved in credit card software products. PaySys had developed the credit card software system, VisionPlus, which was sold to First Data Corporation, a credit card processor.

In India, Grubb will operate as the CEO of the new subsidiary that will look at offering ASP based services including collections, customer service, application processing, account creations, billing and statements, providing the entire spectrum of services around credit cards. Grubb was earlier associated with Opus Soft as a consultant for a year before he decided to plunge full-time into the new subsidiary that is coming up next year.

The ASP market for card services globally touches $60 billion. In India, debit cards have been growing at a rate of 30 percent and credit cards have been growing at 11 percent. According to Grubb, India offers tremendous potential for a niche-productised software. "Companies need to leverage core competencies to gain volumes and Opus would leverage its competencies to build mission critical products to gain market share," he added.

Opus is investing $1.5 million in the new data center at Mumbai. The start-up would consist of 30 people initially. MD of Opus Soft Ramesh Mengawade aims to make the company a $200 million entity in the next five years. The company has already managed to garner two customers in USA and India for offering card services.

Opus has two fully equipped engineering centers in Chennai and Pune.