BodhTree Consulting, a Hyderabad-based software services provider, expects its new data cleansing solution ‘Midas’ to add $12 million (approximately Rs 60 crore) to its overall revenues in the next 18 to 24 months, said company’s founder and director Sanjeev Gupta.
According to the Data Warehousing Institute, businesses lose more than $600 billion every year due to poor quality data, while direct marketers in Europe spend 195 million pounds annually on incorrectly addressed international mails. Data Warehousing is a US-based organisation that provides education and research in business intelligence and data warehousing.
“We have already initiated talks with a few companies for deploying Midas and are hopeful of clinching 100 customers, both small and medium enterprises and large corporates, in the next 12 months,” Gupta told Business Standard.
With Midas, a newer version of its predecessor BodhTree Data Management Solution (BDMS), the company is looking at penetrating the markets in the US, Europe and the Indian sub-continent. The company at present has over six marque clients for BDMS including Owens & Minor Inc, an over $9-billion US-based drug wholesaler and hospital supplies distributor, and Hyderabad-based pharmaceutical major Dr Reddy’s Laboratories.
“One of the key drivers behind the development of Midas is the burgeoning global data cleansing market segment and the unprecedented growth of data generated by individuals that requires constant optimisation attention. The market for data cleansing solutions is pegged at $100 billion in the US alone, of which the healthcare sector accounts for about $20 billion, which holds huge potential for solutions like Midas,” Gupta said.
While BDMS is healthcare-centric, the Midas’ offering is generic and vertical-agnostic. The company plans to offer the product as a software-as-a-service (SaaS) or a turnkey solution, he said, adding they expect to clock revenues of $2.5 million (Rs 12.5 crore) this financial year, as against $2 million (Rs 10 crore) last year.