Zenith 'banks' on Saaz for 100% growth

MUMBAI: Aiming its sights on the co-operative banking sector, Zenith Infotech plans to grow by 100 percent this year. The company is expecting exceptional growth from its core banking solutions. It also plans to focus more on its new in-house developed product ‘SAAZ’.

Zenith Infotech CEO, Akash Saraf said, "currently most of our revenue come from the core banking solution we provide. But our new management network suite SAAZ has got good feedback in the US and we are expecting same to happen in India too."

Currently, 95 percent of company’s revenue comes from core banking solution and rest from its new product 'SAAZ'. The company generated revenue of around Rs 15 crore last year and is expecting revenue of around Rs 30 crore by end of this fiscal. It has already crossed Rs 15 crore mark this September.

The company till date has around 100+ customers in the banking sector and has networked around 2,400 branches. According to Saraf, the company has competitive advantage over other banking solution provider because of its focus on PSU banks and rural co-operative banks. As this segment is in its nascent stage, Zenith plans to tap it more aggressively and add around 75 customers annually. The company claims that in India there are more than 3,000 co-operative and PSU banks that are yet to be computerized and the market is pegged at around Rs 340 crore.

Zenith’s banking solutions include modules that take care of anytime banking services that include any-branch banking, ATMs, Internet and cellular phones. Similarly, it has other modules that deal with instant collection and payment services, cash management services, consumer and agricultural financing.

Another product the company is banking on is SAAZ. Zenith had launched its IT management suite, Systems and Applications Administration from Zenith (SAAZ), some nine months back in the US market. The product is targeted at the enterprises looking for integrated IT monitoring solutions, which are affordable, faster to deploy and easy to use. The company has appointed around 30 resellers to sell its product in US and this number is expected to go up to 100 by end of 2004.

After getting a positive response in the US, Zenith launched ‘SAAZ in the Indian market six months back. Currently, the company is selling it directly in India but eventually plans to sell it through System Integrators (SI) only. It is in the process of signing up with around 10 SIs in India.

The company currently has around 64 ‘SAAZ’ customers, of which 33 are in India and the rest are in the US. The company is planning to launch this product in other geographical locations namely Singapore and Philippines and other under developed markets in the next six months.

It is also working on a bandwidth management solution, that it will either integrate with SAAZ or launch separately.

(CyberMedia News Service)