First JV between India and China in the realm of Healthcare ICT
Bangalore/Kunming: Sobha Renaissance Information Technology (SRIT), a Bangalore based global software products and solutions provider, today announced the setting up of a joint venture (JV) company in China called Sunpa Sobha Software (China) Ltd. Headquartered in Kunming, Sunpa Sobha Software (China) Ltd. will have operating branches in Beijing, Shanghai, Guangzhou, and Shenzhen.
This is SRIT's first JV foray into the Chinese Market and possibly the first JV between the two countries in the realm of Healthcare ICT (Information & Communications Technology). SRIT chose 'Yunnan Sunpa Image Tel Tech Co. Ltd (Sunpa)' as its JV partner for its much-awaited foray into the Healthcare ICT market in China through a 9-month long market research, examining several synergistic fits.
Sunpa is a world-class telemedicine 'Products, Solutions and Services' company based out of Kunming city, Yunnan (province) China. Globally accepted as one of the leaders in Telemedicine Industry, Sunpa develops, integrates and produces a series of patented equipments & peripherals for Telemedicine, PACS and Tele-education. Sunpa is a global expert team member organization for the United Nations' Report of the Expert on Space Applications (January 12th 2007), for assessing 'Specifications for Communications System Network Configurations for Different Applications of Tele-health.' (Please find the said report annexed herewith)
Established in the year 1999, Sunpa has completed 8 years since inception, achieved remarkable progress in the telemedicine world, and possibly operates the world's largest and most comprehensive telemedicine network covering a population of 550 million today. Having successfully launched its telemedicine network connecting Eight (8) provinces, it targets connecting the entire Chinese geography by 2009-10. It is one among the very few companies certified by the Chinese State Development and Reforms Commission and Ministry of Science & Technology to rollout HealthCare IT Programs. They execute key projects under the Chinese Government's National Hi-tech Development Program, and are recipients of their Central Government's second best award among the top-100 state-level prize-winning hi-tech projects. It employs about 4000 specialists, and about 700 technologists.
Dr. Madhu Nambiar, Founder, MD & CEO SRIT said, "Although the initial capitalization of the joint-venture is US$ 1 million, the joint-venture estimates increase of capitalization to US$20million in the next couple of years. We target to clock US$ 100 million in annual revenues by 2011. Our immediate focus would be formulating the go-to-market strategy. Sunpa is in the process of setting up the South African National Telemedicine network known as the South African Telemedicine Virtual Hospital Network targeted to cover large number of Hospitals and clinics. One can see that the two companies have synergies all over. While our Chinese joint venture will position SRIT's flagship Software Products, "Renaissance Care Magnum" and "Renaissance rChive" in the various Chinese hospitals to address end-to-end automation of the clinical, radiological, medical imaging and eHealth areas, SRIT will integrate with Sunpa's telemedicine peripherals & devices in order to position these care devices in India and other geographies. It is a win-win situation for both the companies. With our China strategy frozen, we have now completed market entry into 14 countries. China is the sixth country in the Far-East & S.E. Asian geography."
Dr. Liu Yong, Founder & MD Sunpa added " Sunpa Sobha Software (3S) will leverage SRIT's expertise in the Clinical, Radiological, Diagnostic and Medical Imaging software space and Sunpa's expertise in the tele-vital sign monitoring, tele-dermatology, tele-pathology, tele-radiology and other tele-diagnosis peripherals and devices. While, the solution offering will be co-branded as 'Sunpa-Sobha' in China, for other countries, the solution offering will be co-branded as 'Sobha-Sunpa'." He further added, "3S's mission is to implement sustainable, virtual hospital networks and several care programs through innovative means, such that we are able to serve rural patients who do not have access to specialized medical services. We would also aim to provide specialist care to support the country's increasingly critical healthcare prerogatives. In all this, we would like to manage access to specialist care in rural areas, manage specialist care to other countries, develop capacity in the quality of health service delivery, and develop e-Health doctors' virtual network. Further, we would aim at developing policies on pricing and medico-legal issues from an e-Health perspective, and adopt established standards in e-Health."
Dr. Nambiar further added, "Once we gain good traction in China in the healthcare IT space, Sunpa Sobha will begin positioning SRIT's Telecom OSS, BSS and other Enterprise offerings into the Chinese and regional markets. While the objective of 3S would be to improve the quality of health services across several countries, SRIT's telecommunications expertise will ensure that a future-ready healthcare & e-Health network is developed to operate over a broad spectrum, including wireless communication and the Internet in order to facilitate medical education & training of care providers, health awareness and care of patients. Training will include technical training for clinical personnel at remote sites, community hospital and the hub-site personnel, clinical training for all personnel, and training for patients & public. All these trainings will be tracked using appropriate software solutions."
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About SRIT:
Sobha Renaissance Information Technology (SRIT) is a global IT Solutions Provider of repute and high credibility providing advanced, enterprise-class solutions to Fortune 500 companies. It is the world's first SSE-CMM Level 5 assessed company and also assessed and certified for P-CMM Level 5, SEI CMM Level 5, BS ISO/IEC 27001:2005 and ISO 9001:2000. Headquartered in Bangalore, SRIT currently operates in 20 countries including North America, Europe, Far-East, Middle-East, and Africa. SRIT is a six sigma practicing company, and rated as 'A Top 50 Fast Growing Technology Company (Deloitte, 2006). With about 1500 people, SRIT services over 350 customers worldwide. SRIT is a SOBHA Group Enterprise.
For more information, please visit www.renaissance-it.com
SRIT - Forward Looking Statements
Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, , liability for damages on our service contracts, the success of the companies in which OSI has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. OSI may, from time to time, make additional written and oral forward looking statements. OSI does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
For more information, please contact:
Sobha Renaissance Information Technology Pvt. Ltd.
Ajay Chanam
Sr. Manager, WW Communication
Email: ajay.chanam@renaissance-it.com
Yunnan Sunpa Image Tel Tech Co., Ltd
Mr. David Lou
VP & CTO
Email: davidlou99@163.net
© Press Release 2007
