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FACT Software International Pte Ltd

Category:	Payroll
Title:	FACT Software International Pte Ltd
Listing URL:	http://www.fact.com.sg/
Description:	Vedika Software Pvt Ltd was formed in Calcutta, India, in late 1987 with a paid up capital of US$ 20,000. It started up with two divisions: packaged software development and share registrars. During the period (late 1980's), India's software market was in its infancy. Personal computers were just beginning to become available and subject to more than 200% import duties. This meant that the average Indian buyer paid from four to five times the international market price for a computer. Software development companies generally specialised in supporting large mainframes and mini computers which still relied on tape drives and card punches. Although some personal computers were used at large multi-national companies, PCs had not "invaded" the average Indian business. In such a market, the demand for packaged software was virtually absent. Custom and tailor-made software companies were slowly evolving, but growth was difficult since many popular Western programs were pre-loaded and provided at no cost to end users. Vedika decided to enter the market in order to take advantage of the business of the future -- the business of packaged software. FACT was The First Package FACT was the first package developed by the fledgling company. Accounting software was chosen as the primary market niche because several were already on the market and Vedika had developed a revolutionary program that clearly beat the competition. Currently it is made MS Windows based and re-christened as FACT Accounting for Windows. In addition to having a superior product, the slowly growing availability of personal computers would mean that there would be an expanding market as accounting software was always in demand by expanding businesses. The Other Packages As with many new software companies, Vedika initially developed several different kinds of packages for personal computers. These included: ORION-Turbo, a contact-management software INVEST, a portfolio manager integrated with accounts TakeOff, an integrated solution for travel agents, and WallStreet, an intergated solution for share brokers However, the company soon realised that the all of these packages were too early for the market and their marketing efforts were being diluted by too many projects. So a decision was reached to focus squarely on the development and marketing of FACT. Expanding Operations Although the domestic Indian market was growing slowly, Vedika decided to expand its operations by focusing on the growing international market for packaged software. The first branch office, in Kathmandu, capital city of Nepal, was opened in August, 1991. Domestic expansion continued with new company offices in Mumbai (Bombay) and New Delhi in 1992. A regional office was opened in Bangalore too in 1998.
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Link added:	23 Dec 2006
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