Magnaquest, a provider of customer management and billing software for pay TV, DTH, telecom and internet service providers, announced growth strategies.
The expansion will be aimed at expanding team in overseas markets, adding more manpower, innovation, diversification, bringing new products, etc.
As part of growth strategies, the Hyderabad-based telecom billing software provider is planning to open offices in Europe and Australia.
At present, Magnaquest has customers and partners from Latin America, North America, Europe, Asia Pacific, SAARC, Africa and the Middle East.
Magnaquest will increase the head count to between 650-700 by 2014 from 420+ employees.
Recently, Magnaquest formed a joint venture with $5 billion entity from Middle East which holds interest in telecom, media & entertainment and broadband space. The business potential from this joint venture is expected to be $800 million.
Its focus on innovation will enable Magnaquest to come up with point solutions for telecom segment.
As part of the diversification, it will enter into energy and utility segment.
Magnaquest has development centers in India, Malaysia, the UAE, the USA, and Zambia, and marketing offices and partners spread all over the globe.
“Right now we are cash positive but several VCs are in touch with us for a possible capital infusion. Based on our valuation, Magnaquest is valued at $250 million,” said Satish Garikipati, director – Product Marketing, Magnaquest.
Magnaquest’s Sure! Cloud is a feature rich cloud based subscription life cycle management solution consists of CRM, billing, customer support and service fulfilment modules that meet the need of any enterprise.
From lead-to-Cash SURE! Cloud solution handles all the aspects of creating, maintaining and cultivating relationship throughout the subscriber lifecycle management.
New business opportunities
“The company’s strategy continues to be a thought leader in the areas of subscription economy by enhancing our offering and solutions to the emerging markets with required pro-activeness,”
There are several new opportunities in the market including cloud and emerging areas of M2M, On-Demand spectrum, along with IaaS.
County and city-based utility service providers, looking for Cloud-based revenue management and billing
There is also demand for network agnostic solution with point solutions to telecoms such as AAA, PCRF etc.
Key demands of its customers include end to end solution with managed services; minimal Capex and more into Opex; and future ready solution.
“As we have been profitable for last 8-10, we have invested these profits back into product and product based services enhancements. We may look at external investments, if there’s a need,” Garikipati added.
Brief profile of Satish Garikipati
SatishGarikipati has over 16 years experience in IT industry. He is a subscription management specialist with demonstrable Cloud domain expertise. He is functional in terms of rolling out the product for various delivery platforms right from conventional video to emerging Cloud. He leverages his demonstrable subscription domain expertise and deep techno-functional experience to offer consultative solutions to several of industry leaders.