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June 25, 2003

Pune software firm puts itself for sale in unique fashion

A Pune-based software services firm with intellectual property in the networking area has put itself up for sale. Interestingly the company is using classified advertisements in publications such as the US-based deal newsletter, VentureReporter, to advertise its sale. It is also using a different name, Network Enginuity, and an associated web site for the purpose of the sale.

"Network Enginuity has been unsuccessful in its bid to secure a second institutional round of funding. We therefore seek to be acquired," the ad says. The company claims its management team has significant networking, network management and offshore development expertise. "A software development contract with a large US network software firm provides sufficient revenue to keep the company intact, but does not provide the margins to introduce our intellectual property to market. We are therefore seeking appropriate candidates to acquire us," the ad says. "If you are seeking to create or expand an offshore development capability in India, there may be an opportunity here to acquire a modern development facility, a very capable team and some compelling intellectual property, all at a very attractive price," it invites.

Click Here to see the full ad in VentureReporter

Click Here to visit the Network Enginuity web site