Tuesday, January 23, 2001
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Parsec Tech to set up subsidiary in US, to raise $10 million to fund expansion 

Ashu Kumar  
New Delhi : Parsec Technologies, a software company engaged in server-based call centre solutions, is setting up a subsidiary in California, US with an initial investment of $1 million. The investment plan has been cleared by the Reserve Bank of India (RBI). The company is also planning to raise around $10 million to fund its expansion plan in the US which involves setting up call centre exchange facilities in the US, enhancing product features and business development operations in the US market. While talking to The Financial Express, Mr Prabhat Agrawal, chief executive officer of Parsec Technologies said that the company is talking to a few US based companies and venture capital funds for raising around $10 million. The company is also open to a strategic partnership with US-based companies to gain access to the market and technologies, he added.

Mr Agarwal claimed that Parsec is one of the very few companies in the world to have developed server-based call centre software solutions. "We plan to capitalise on our technology in the global market and therefore the bid to set up operations in the US," he said. "The majority of these funds will be used to develop market for our products in US. Parsec is executing a two-pronged marketing strategy to target business in the US. Firstly, the company is in talks with various OEMs to form marketing alliances for their server-based call center solution. Secondly, Parsec is also talking to resellers in Europe and Canada to appointing distributors," said Mr Agrawal.

Explaining the call centre exchange services set up in the US, Mr Agarwal said that the company will set up a facility in the US which will have all the necessary hardware and software in place and will offer services to the companies to connect call centres located in any part the world. This exchange will facilitate the sorting and routing of the calls to different call centres.

Parsec was started by four engineering graduates in 1994 with a vision to develop software solutions in the area of telephony and call centres. The company has also received funding to the tune of total Rs 3 crore from Gujarat Venture Funds which currently holds around 15 per cent equity in the company.

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