Aptech to list on Nasdaq next year

Aptech to list on Nasdaq next year
UNITED NEWS OF INDIA

DELHI, MAR 3: ``We will be fully compliant with the US GAAP accounting standards by the end of the year 2000 and will get our shares listed on Nasdaq early next year,'', Ganesh Natarajan, managing director, Aptech Limited, said.

The Nasdaq listing will help the company to give employee stock options to about 150 workers in the US and Europe, he said while announcing the launch of a dotcom subsidiary to provide application services in customer relations, supply chain management and distribution networking.

Natarajan emphasised that raising capital is certainly not one of the prime reasons for Nasdaq listing. Aptech has set apart $ 25 million for acquisitions of companies with sound customer relations in the field of knowledge management, portal development and e-commerce solutions. It has already shortlisted five companies and is likely to notch up the deal with one or two companies.

``The funds for the acquisition of one or two companies, likely to happen by June 2000, will be arranged through internal accruals and debt,'' Natarajan said.

The acquisitions would form part of the IT education major's strategy to double its software earnings by the year 2002. Currently, about 25 per cent of its earnings or Rs 53.5 crore is from software business as on December 31, 1999.

On employee stock options, he said the company has no immediate plans to extend the scheme which already covers 250 workers of its 1500 odd employees. ``About 6.8 per cent of the equity is with the employees. We plan to give another four per cent but not in the immediate future.''

The dotcom venture named bconnectb.Com launched today will set up and support initiatives in B2B E-commerce including application service provider portal for the manufacturing industry.

The ASP portal will offer services in supply chain collaboration, customer care management and E-infrastructure to the manufacturing organisations keen on embracing E-commerce tools.