The Blueshift companies offer software solutions and had set up base in 1994. Initially, the companies worked on client server solutions but have been increasingly focusing on Internet solutions for the last couple of years.

Blueshift India director Sankaran P Raghunathan said that the reason for an IPO here was that IT companies are better valued in India just as Internet companies are better valued in the US at present. Besides the company can also look forward to raising money through ADRs and GDRs.

Blueshift India recently set up a subsidiary company Blueshift Internet Ventures Ltd (BIV) whose focus is to incubate internet enterprises and make them venture capital worthy in nine months. This outfit started operations last month. BIV also helps with locating venture capitalists after the incubation period and this job is done by the parent company with its Atlanta links.

Blueshift on account of its presence in the US for the last few years and its presence in India will be able to present a more credible profile to the US VCs on the incubated projects, director finance Vijaykumar S Puducheri said. While two NRIs continue to remain in the US taking care of the operations there, two of them have relocated in India.

The parent company after the merger will continue to help the subsidiary with software solutions as also with its marketing effort overseas. The parent is also helping with the recruitment of `entrepreneurs' from IIMs and management campuses to handle incubated projects.