Globe Trading jumps into the New Economy

A forty year old UAE trading, distribution and retail company jumped into the New Economy today through a tie up with Indian data hosting and software developer, Satyam Infoway.

  • E-Mail
By  David Ingham Published  December 7, 2000

A forty year old UAE trading and retail company today made its first leap into the New Economy. Globe Trading Agency, a distributor and retailer of fashion brands, has tied up with Satyam Infoway, a major Indian ISP and Web site developer that’s listed on NASDAQ.

A new entity called Globe Technologies Ltd has been created to manage the partnership and will be based out of Dubai Internet City. The company will function as a sales and marketing office for Indian-based Satyam Infoway’s Web site hosting and software development services.

So what exactly is a classic ‘Old Economy’ company doing launching an IT arm?

Sunil C Jatwani, director, Globe Technologies was remarkably honest in his answer. “We want to get into tech-related businesses because, long term, trading is dying out in Dubai,” he said, a comment that is certainly bound to raise a few eyebrows. With training and focus, Jatwani insisted that the company can successfully make the move.

Satyam Infoway’s offering is built around two main services: data hosting and software development. On the data hosting side, the company has built a high-powered, ultra-secure server farm in Bombay. It’s being positioned as the ideal location for companies here to host Web sites that are targeted at the Indian market, or to use for replication of US-based Web sites.

On the software development side, the company has developed numerous Web sites, both for big Indian names like Tata and international players like GE Power Tools. The company’s services extend to intranet and extranet development, IT security assessment and Web-enablement of legacy applications.

Satyam Infoway is listed on NASDAQ under SIFY. The stock’s price at the end of trading yesterday was $5.688, giving it a current market cap of just over half a billion dollars. That’s down significantly from its twelve month high of $113 per share.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code