Karandaaz Pakistan has signed an agreement with Techlogix to invest USD 1.5 million in the company with the vision to scale three new cloud-based verticals – Business Management Software for higher education institutions; Hospital Management Information Systems; and Mobility Information Management System for large scale sales, distribution and field forces. This growth capital investment is funded by United Kingdom Department for International Development (UKAid). Karandaaz & Techlogix Partner to Roll-Out Campus on Cloud Solution for Higher Education Institutions.
We are witnessing a global decline in on-premise solutions and a shift to cloud. Software as a Solution (SaaS) is approaching 30% of total application spend – the total cloud market cap is projected to grow to USD 180 billion by 2018 from less than USD 25 billion in 2008 at a compound annual growth rate of 22%.
Karandaaz & Techlogix Partner to Roll-Out Campus on Cloud Solution for Higher Education Institutions
Techlogix will initially be focusing on scaling AlmusNet, a campus on cloud solution for higher education institutions. The demand for higher education is growing exponentially in the developing world and with it, there is an increasing need for effective automation in processes at universities and colleges. This need is currently met mostly by home-grown solutions that are not cost-effective, lack scalability and do not allow for integration across functions. AlmusNet is a complete solution for colleges and universities to manage their administrative, policy, enrollment, academic, financial and community portals in a cost effective mobile platform.
Mr. Ali Sarfraz, CEO at Karandaaz Pakistan said:
“We are extremely pleased to have signed our first growth capital investment deal with Techlogix after conducting a rigorous due diligence process, and are confident that this investment will provide good returns to Karandaaz. I would like to thank United Kingdom for International Development (UKAid) for their generous support and look forward to concluding three to four additional deals by 2018 end.”
Mr. Asad Azfar, Chief Investment Officer at Karandaaz Pakistan, at the signing ceremony said:
“We are excited at Karandaaz Capital to complete our first growth capital investment and begin a strategic partnership with Techlogix Pakistan and Techlogix International Limited. Techlogix is a leading Pakistan-based technology solutions provider with a global client base.”
He also said that:
“Cloud based, proprietary enterprise systems developed by Techlogix for the higher education, large scale distribution (including mobile agent networks and micro finance field force and financial management systems) and healthcare provider industries provide a compelling thematic fit with Karandaaz’s financial inclusion focused investment and technology platforms, and provide potential for attractive final returns given underlying growth dynamics”.
Mr. Salman Akhtar, co-founder and CEO of Techlogix, said at the occasion that:
“Techlogix is delighted to work with Karandaaz in our exciting evolution from a pure IT services company to a portfolio of product investments. We added more than 100 resources to our team in 2016 and with Karandaaz’s financial commitment in 2017, we look forward to continuing this journey.”
About Karandaaz Pakistan:
Karandaaz Pakistan (www.karandaaz.com.pk), a not-for-profit company established in August 2014, promotes access to finance for small and mid-size businesses through a commercially directed investment platform, and financial inclusion for individuals by promoting technology enabled digital solutions. The Company has financial and institutional support from leading international development finance institutions; principally the United Kingdom’s Department for International Development (DFID) and the Bill & Melinda Gates Foundation.
The Company has three work streams, Karandaaz Capital, Karandaaz Digital and Knowledge Management and Communications. Karandaaz Capital line of business of Karandaaz provides wholesale structured credit and equity-linked direct growth capital investments in small and mid-size enterprises with compelling prospects for sustainable growth and employment generation in Pakistan. Karandaaz Pakistan is sponsored and governed by eminent Pakistanis, and is managed by an experienced team with core expertise in international investment management and digital finance.
Techlogix is an IT Services provider with over 20 years of experience in Enterprise IT projects. The company has a track record of innovation in product engineering with core expertise in large enterprise solutions. With offices in the US, UAE and Pakistan, Techlogix’s core functions are spread across three business lines – Financial Services: implementation of Oracle’s suite of financial services software; Enterprise Transformation: business process management, integration and analytics services; Product Engineering: tailor-made platform solutions specific to business needs.
Techlogix is Oracle’s exclusive implementing partner in Pakistan. Moreover, its vast customer base includes Fortune 500 companies, universities and the top commercial and micro finance banks in Pakistan and GCC.