Proactis shares jump on India joint venture news

Proactis, the AIM-listed software and services provider, has launched a joint venture operation to provide its solutions to the Indian market.

In an update issued on Wednesday, the group reported that outsourced procurement services would be provided on the group's software platform.

The joint venture operation is called the Proactis Total Procure Private (PTP).

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The group reported that it would provide outsourced procurement services to the Indian market, initially incorporating procurement reviews, vendor networking, sourcing and contract management using Proactis's software platform and procurement expertise.

In the first month of operation, it reported that PTP engaged in an exploratory project for the provision of the services to a global producer of recognised branded products to consumer markets.

The joint venture has been established in collaboration with two joint venture partners, Khwantum Capital Private and Avan Projects Private.

Rod Jones, Chief Executive Officer of Proactis, said: "We are delighted to announce the launch of our operation in India which continues our strategy to increase our presence in new territories and increase our exposure to the SaaS [Software-as-a-Service] model.

"The Indian market opportunity is significant and I am excited at the prospect of working with our partners to access it."

Proactis' share price was up 12.24% to 27.50p at 08:41 on Wednesday.

MF