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Posiflex Technology Inc. to invest US $ 10 million in India

Posiflex Technologies Inc., a professional POS (Point of Sales) hardware solution provider worldwide, announced the acquisition of a majority stake in one of their leading distributors in India; Proto


November 11, 2009  |  comments ( 0 )  | 

Posiflex Technologies Inc., a professional POS (Point of Sales) hardware solution provider worldwide, announced the acquisition of a majority stake in one of their leading distributors in India; Protocol Solutions, a Bengaluru based company. With this, Protocol Solutions will now be called Posiflex India, thereby making a direct presence in India. This strategic move will help shorten the lead time of delivery and provide satisfactory service to customers, to increase brand awareness and expand market share. On the strength of this acquisition, Posiflex will not only acquire the existing channel resource, but also give access to the Indian software development industry to bundle with hardware of Posiflex. On this occasion Owen Chen, CEO, Posiflex Technology Inc., said, "We saw great potential in the Indian market and decided to enter India by acquiring a majority stake in Protocol Solutions. We were happy with our relationship with Protocol and impressed with their track record. They understand our products well and have played a vital role in creating a demand for our products in India. So when we thought of having a direct presence in India, Protocol was undoubtedly our choice. We will be investing US $ 10 million over the next three to five years, which will include setting up of an R&D team in India to deliver customised solutions, strengthening our marketing and channel partners as well as an option of starting an assembly line." "There is tremendous potential in the Indian retail market. With hundreds of malls that are projected to open in the coming years, the sector is expected to invest around US $ 500 million in retail technology service solutions in the current financial year. This could go further up to US $ 1.26 billion in the next four to five years." added Owen Chen.

 


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