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VAST-Deutschland operations begin in Germany

Our Bureau

CHENNAI, March 7

THE Chennai-based Value Software Technologies Ltd (VAST) and the Munich, Germany-based Tradex Consulting GmbH have formally announced the operations of their 50:50 joint venture _ VAST Deutschland _ in Germany.

VAST is an export-oriented software services firm mainly catering to the financial services sector with a turnover of Rs. 7.82 crores for the year ended March 31, 1999.

With its European operations through the joint venture, VAST will be developing e-commerce and software solutions for the joint venture's European clients, mainly from the banking and financial services sector.

Mr. Mario Raabe, CEO, VAST Deutschland, in a teleconference, told newspersons that during the first three months of association with VAST, the relationship had earned a revenue of over DM 1,25,000, and the formal joint venture expects a revenue of DM 1.5 million during the current year.

VAST, which has development centres in Chennai and Bangalore, and operational bases in Mumbai and the US, expects a turnover of Rs. 9 crores for the current financial year, and the projected revenue for the next year is Rs. 15 crores.