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.

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).

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

Recommended

Ensign Group: profiting from US private care
Trading

Ensign Group: profiting from US private care

Nursing and care-home specialist Ensign Group should thrive as Americans age. Matthew Partridge picks the best way to play it.
28 Sep 2021
How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021