Pune, 05th May 2005 :
Visesh Infotecnics, a Delhi based Enterprise Software enterprise announced impressive results for the Quarter ending March, 2005. Its revenues for the quarter were up by 63% over the previous quarter to INR 133.16 million. Its net earnings were up by a whopping 160% to INR 11.13 million over last quarter's earnings of INR 4.27 million. As compared to the corresponding quarter last year the company has increased net revenues by 72% (y-o-y) whereas net profits have jumped by a whopping 400% (y-o-y) to INR 11.13 million.

IndiaCo, a private equity investment firm based out of Pune recently announced that it has picked up a strategic stake in Visesh Infotecnics. This development comes close on the heels of California-based Duke Special Situations Fund L.P. acquiring a stake in Visesh Infotecnics Ltd. last month.

IndiaCo Ventures is the only “for-profit” incubator in the world to be supported by the World Bank through the Infodev program - an initiative which has spawned the development of over 20 incubation initiatives spread across 20 emerging economies.

Commenting on the development Mr. Rahul Patwardhan, CEO & President of IndiaCo Group said, “Visesh Infotecnics continues to command high respectability in the Enterprise Software segment. The recent impressive results are a validation of a product-oriented business model that is based on defensible intellectual property. Through our investment in Visesh we attempt to assist the enterprise in implementing highly scalable business models that promise healthier bottom-lines. Having worked with several product oriented enterprises we understand the product-model and we are committed to working with the extremely talented management of Visesh in taking their products to the overseas markets.”

Mr. Stanton Dodson, Managing Partner, Duke Special Situations Fund L.P commenting on the earnings announcement said, “Our recent investment in Visesh Infotecnics was made after a thorough due-diligence of its products, clientele and business model. However, their recent earnings announcement managed to pleasantly surprise us as we did not expect earnings to increase by over 100% in the just concluded quarter. We continue to believe that Visesh Infotecnics has the skill-sets to market and deploy their products globally and given their highly-scalable product orientation we estimate robust bottom-line increase in the coming fiscal.”