Stockholm, Sweden (PressExposure) January 09, 2009 -- PortWise, the leading company within Identity and Access Management for the mobile enterprise, today announced that it intends to get aggressive in India and take full benefits of its relationship with Saab.
PortWise signed an industrial co-operation agreement with Saab around it's platform for secure access and strong authentication, which will be offered by Saab as part of it's Civil Security businesses, in September last year. Saab also invested in the company and now has an 18.75 % ownership in PortWise. Saab, through Saab Ventures, and PortWise CEO Mikael Jacobsson, together with the largest existing shareholders, Scope, Verdane and DFJ Esprit, will provide significant expansion capital to PortWise.
PortWise has held a strong position on the European market, and with the backing of a strong long-term industrial partner like Saab, this position has been further strengthened. By shifting more focus to distributors and resellers, PortWise has managed to scale up its market penetration, revenue growth and profitability.
In the coming months, PortWise plans to aggressively expand its operations in India, doubling it's team and boosting it's network to serve Asia's third largest economy. Also on cards is a support and development centre.
"India is a very important market for us and we expect double-digit growth in revenues on an annual basis for the next couple of years. PortWise has over 100 large enterprise customers in India and has further strengthened its position on key segments of the Indian market, especially within the banking and finance industry bagging accounts like Aviva, ICICI Bank, ICICI Prudential, Yes Bank, Max New York Life to name a few," says Mikael Jacobsson, CEO of PortWise, during his regular visit to India.
Talking about the global slowdown and it's impact on India, Mikael Jacobsson, added "India will not be completely isolated to what is happening globally, however we believe the impact will not be as dramatic. PortWise expects India's robust economic growth will continue despite the uncertainties facing other global markets."