vMoksha opens new facility in Pune

CIOL Bureau
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PUNE: Bangalore-based vMoksha Technologies and US based S1 Corporation have joined hands to open vMoksha’s software development center in Pune. This new facility would support the two companies’ multi -year contract to develop the next generation of S1 products.

The new $1 million facility at Pune currently supports 100 development and support staff and has the capacity to double the number. vMoksha’s key offerings are, IT offshore outsourcing services in e-Business applications with a focus on Banking, Financial Services and Insurance (BFSI), retail and distribution and healthcare and life sciences.

Pawan Kumar, Chairman and CEO, vMoksha Technologies said that the vMoksha’s center would serve as a strategic offshore outsourcing destination for S1 Corporation. "We have a contract for three years with S1 Corporation, which could be extended later for the development of S1 products," he said.

Paul Cummings, Vice President of Development, S1 Corporation maintained that this center was part of S1’s strategy to reduce the cost of software development and enable it to continue to offer financial services products for the S1 Enterprise platform.

S1Corporation is a provider of enterprise solutions for financial services industry. "We are looking to shift from a direct supervisory model to an offshore project model," Cummings explained, adding that one-fifth of the work would be diverted to India.

Kumar envisaged a good market in India for banking automation products and said that they were currently negotiating with S1 Corporation on the possibility of marketing these products in India. Cummings said that it was too early to predict things but the company is open to the idea. VMoksha also has development centers Bangalore and Singapore.