Integra Microsystems, managing director, Mr Mahesh Kumar Jain, told The Financial Express that subsequent to its becoming a strategic partner for Tata Consultancy Services' (TCS) wireless Internet business, the latter would take a stake in Jataayu.

A foreign venture capital fund is also likely to take a stake in Jataayu. The total equity divested would be in the range of 8 to 15 per cent to raise around Rs 10 crore.

Jataayu, which was spun off from Integra in March this year, started off with the company's Jataayu WAP server product line expanding quickly into the wireless Internet space with gateways for SMS, embedded browsers, Internet-related products like messenger, chat and mail incorporating voice XML and Bluetooth applications.

``WAP is evolving along with other platforms and we are offering products and applications to customers with diverse needs ranging from wireless service providers to the banking and financial business as also portals,'' Mr Jain said.

He said with convergence certain in the near future on the personal digital assistant (PDA) front, not merely voice but text and translingual capabilities would also be available on wireless Internet devices. ``Service providers know that voice will soon be free with the advent of VoIP and data and multimedia are where the money will be,'' he pointed out.

Jataayu is focussing on the overseas markets particularly the United Kingdom and Italy to provide growth besides the US where WAP is still to take off. Integra last year posted revenues of Rs 21 crore with the target set for Rs 35 crore this fiscal -- a third of which will come from Jataayu.

Integra's core business includes offshore projects apart from products in the document imaging, voice and office automation segments which it is soon going to promote in a big way in the global market.

The company, which has a 300-strong team (120 with Jataayu), is planning to announce employee stock options to the extent of 10 per cent of its equity shortly. About 20 per cent of its equity is vested with senior executives while the remaining 80 per cent with promoters.

Mr Jain said Jataayu had set a three year outside limit for listing on both Nasdaq (or any other overseas exchange) and a domestic exchange.

Jataayu introduces ZAP2WAP
Jataayu Software has launched its automatic HTML (hypertext markup language) to WML (wireless markup language) conversion service ZAP2WAP. The service provides an analysis of various components of a Website that has to be converted to WML. The conversion which takes place on the fly results in optimised content generation that can be browsed through using a mobile device.