Technopark IT firm signs $25 mn distribution deal
By IANSMonday, January 10, 2011
THIRUVANANTHAPURAM - Technopark-based firm Artin Dynamics Monday signed an agreement with Mivire Consultancy Services Pvt. Ltd (MCS) to distribute a power saving product in Britain in a $25 million deal.
Artin Dynamics signed the agreement with Mivire to distribute the former’s flagship Artificial Intelligence product, SPARA, for the whole of Britain for three years.
According to the $25 million (Rs.112 crore) deal, the distribution contract will start from the first quarter of 2011.
SPARA is a power-saving product which works on artificial intelligence (AI) technology that can reduce power wastage from an idling computer.
The product consists of a software module that reduces power wastage on idle systems, and a hardware module that cuts off phantom power losses on ‘turned-off’ systems.
SPARA has got the prestigious SANKALP award in 2010 for the ‘Best Emerging Clean-Tech/Clean-Energy Company in India.
Nelvin Joseph, CEO Artin Dynamics, said the company aims to establish a clear leadership position in the Artificial Intelligence market.
The technology has already been tested and proved both by government and third party agents. Some of the first companies to buy it are TATA power and C-DAC.
“This is Mivire’s first international venture and the prospects are good and the market has a positive outlook, and we are looking forward to a bright financial year. Mivire group will have its presence in Europe, Australia, US and the Middle East by the end of this year,” said J.B. Mathews, MD and CEO of the Kochi based Mivire Consultancy Services Pvt Ltd.
The company will distribute Artin’s product through its Newcastle office in Britain.
