Bangalore Labs ties up with Planet One
By Our Corporate Bureau | 09 Nov 2001
Bangalore: Bangalore Labs Pvt Ltd has formed a strategic alliance with Singapore-based $100-million technology holding company Planet One Pte Ltd, for providing IT solutions to the Asia-Pacific market. Bangalore Labs CEO T G Ramesh said Planet One, which has a presence in 11 countries as an IT solutions provider, is investing $10 million for its expansion operations in the Asia-Pacific region, including India. Following this alliance, the newly-formed company has been named as Bangalore Labs Asia Pte Ltd, while the Singapore firm will be christened as Bangalore Labs Asia.
Ramesh said this new company would aim to leverage Planet Ones existing client-base across 10 countries by providing for customised IT infrastructure management solutions in the same markets. The company would also open offices in Singapore and Australia. Customers of Planet One and its subsidiary companies - 3D Networks, FCS Computer Systems, Planet PSG, CRM Software - provide an ideal launch-pad for Bangalore Labs services in the markets.
On the domestic front the company has added close to 30 clients over the past two quarters and has projected revenues of $3 million from Indian services operations alone without considering the product sales.
Bangalore Labs, set up one-and-a-half year ago by five IT professionals, raised $4 million from ICICI Ventures in the first round of funding, of which $2.5 million has been spent on putting in place backend infrastructure for the new facility.