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KMG eyes new verticals, markets for growth
Kavitha Alexis, Wed, 23 Jul 2003
Source: The Financial Express.com
Bangalore: City-based KMG Infotech Pvt Ltd, a subsidiary of US-based Key management Group Inc, specializing in the insurance sector has embarked on an aggressive growth plan fuelled by customer acquisitions, exploring new markets and entering new verticals like healthcare. The company has currently set up a new offshore development centre in Kolkata in addition to development centres in Bangalore and Delhi. KMG has also recently acquired a Germany based company thereby entering into the European insurance and re-insurance market.
Speaking to eFE, Key Management Group Inc CEO Subhash C Bhatia said, "With our insurance domain expertise and technology expertise in AS 400 and .NET technology platforms we are offering a specific niche to our customers." KMG is catering to the property and casualty insurance segment.
KMG has strategic alliances with various organizations whose vision & mission are akin to KMG's, and with whom it enjoys a great amount of synergy. Through this collaborative effort, KMG provides the best possible services to the client.
With more and more mid sized US companies looking at outsourcing work to India, KMG with a combined outsourcing and offshoring model is leveraging the opportunity to the maximum, he said. The company has recently won a $1 million contract for a five year period from a $1 billion US insurance company.
KMG Infotech is mulling to enter into the product development segment too. The company which has done limited work in this area for certain customers is looking at developing products for India and the US markets. "We are waiting for the Indian insurance market to mature", Mr Bhatia said.
However, the company has entered into an agreement with the US-based Fairfax to market their product for the Indian insurance sector.
Other than insurance, the company has chalked out a plan to enter into the healthcare segment. According to KMG Infotech managing director Rahul Gupta, "we are entering the healthcare segment directly as well as through health insurance segment".
In India, KMG Infotech has initiated talks with major players in the insurance sector including Tata AIG, ING Vysya, Reliance etc. The company is also setting up an office in the West Coast of US to tap the market. "We are looking at growth by selling offshore to our existing US customers and through new customers in Europe", Mr Gupta said.
The company which has posted revenues of Rs 10 crore in 2002-03 is looking at a 100 per cent growth to touch Rs 20-25 crore this fiscal. KMG Infotech also plans to ramp up its headcount from the current 140 to over 200 in six months.
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