December 29, 2004, Pune

Vertex Software & Logic Soft Inc. enter into a strategic alliance
Vertex Software Pvt. Ltd., Pune, today announced a strategic partnership with Logic Soft Inc. involving equity participation. Logic Soft is a specialist software consulting company focused on Enterprise Applications and Enterprise Reporting services for Fortune 100 clients in BFSI, Utility, Manufacturing and Telecom domains in the US. Logic Soft will invest in 5% of Vertex equity with total enterprise valuation pegged at Rs 21.5 Alliance. The FDI that Logic Soft Inc. will bring into Vertex will amount to Rs 1.02 Alliance. Commenting on the tie-up Mr Satish Barapatre, President, Logic Soft said “Our strategic partnership with Vertex, allows Logic Soft to fully leverage Vertex’s offshore delivery expertise to serve our Fortune 100 relationships in the BFSI, Utility, Manufacturing and Telecom sectors. Logic soft values the proven quality & process oriented approach of Vertex, which it has honed by working on the quality conscious Japanese sector. We also like the fact that Vertex is based in Pune, which has some key advantages over other locations in India in terms of the quality of manpower” Mr. Ashok Kalluraya, Executive Director, Vertex noted that “Having a strategic partnership with Logic Soft Inc. in US and with our long standing relationship with Mitsui, we are now well poised to achieve our target of 80% to 100% revenue growth every year for the next 3 years.” Logic Soft Inc. will be the a key strategic partner of Vertex along with Mitsui and Furukawa. In February 2002, Mitsui & Co. Ltd., a Fortune global 13 giant, invested in 10% of Vertex equity to forge a strategic partnership agreement. Vertex has proven offshore delivery expertise and is in the final stages of SEI-CMM certification. Logic soft Inc. has robust marketing presence in key market segments in US. This strategic alliance benefits by Logic Soft leveraging Vertex’s offshore delivery capabilities and Vertex leveraging Logic soft’s frontline marketing capabilities in North America. Vertex and Logic Soft expect increased revenues of $3 Million USD in FY 2005, specifically as a result of this strategic alliance.

About Vertex

Vertex Software Pvt. Ltd. (www.vertexsoft.com) is a 7 year old company with a unique revenue mix of 65:35 from Japan and US respectively. Vertex has built two specialized practices catering to Japanese Enterprise clients and Software product clients on the US side. Vertex focuses on high end work in mobile and web-services technologies. Vertex has been growing rapidly with Fortune clients as Furukawa, Audi, JVC, JRI, on the Japanese side and Software product companies as Tervela, Power Management Inc., Gametrust on the US side.

Besides Mitsui and Co. Ltd., Vertex also has a strategic business relationship with Furukawa Information Technologies, a subsidiary of a Fortune global company – Furukawa Electric.

Vertex was started by four IT professionals, all alumni of Government College of Engineering, Pune. It now has a total of 120 professionals in its Pune, Tokyo and Boston offices. Vertex is poised to end March 05 with around Rs 15 Crore revenues with net margins above industry averages. Vertex growth plans call for 500 IT professionals to be employed at its Pune delivery center by 2007. Vertex plans to invest in establishing a center of excellence in Enterprise Reporting to cater to its growing clientele and to add to its delivery infrastructure.

About Logic Soft

Logic Soft is a software consulting firm with its headquarters in Columbus OH and satellite offices in Dallas, TX. Logic Soft is experiencing rapid growth and has 50+ consultants working at large Financial Institutions, Healthcare, Manufacturing and Utility Companies. Some of its clients are JP Chase Morgan, BankOne, Citibank, State Street Bank, Results Insurance International, Qwest, Stearman Technologies / Telllabs, Quality Integration Services (QIS), RLI Insurance Corp., Callidus, Metro software, First Energy, Lockheed Martin, Value America, Wachovia Bank and others. Logic Soft Inc. will report revenues of $3.5 Million USD (Rs 15.4 Alliance) for FY 2005.

For more information, please contact :

Tejaswini,
Vertex Software, Kapil Towers, Dr. Ambedkar Road, Pune – 411 001.
Tel: 020 66041653 (Direct)
email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it