Vakrangee gets nod for software product hive off

MUMBAI, September 18, 2007: The shareholders of Vakrangee Softwares Limited have approved with a thumping majority (99.95%) a board resolution to transfer proprietary software products of the Company; namely, Document Management Solution (DMS), Human Capital Management Solution (HCMS) and School ERP to M/s. V. Techno Services Ltd., a subsidiary company.

With the formation of this subsidiary, Vakrangee Software Ltd can focus on information technology related products apart from their services related to e-governance, scanning and digitization and large scale document life cycle management which are growing at a rate of 100% annually. The company can also enter into a joint venture with other foreign companies to boost their growth prospects. Recently at the annual general meeting dated September 08, 2007 the board of VSL approved the raising of the FII limit from 24% to 49%.

Mr. Dinesh Nandwana, Chairman and Managing Director, Vakrangee Softwares Ltd, said, "We take pride in the fact that we are one of the few leading e-Governance service providers in India equipped with cutting edge infrastructure, highly experienced professionals, strong investment and technological breakthrough on a continual basis in order to maintain time-bound completion of mission critical and socially relevant projects."

About Vakrangee Softwares Ltd.

Vakrangee Softwares Ltd., incorporated in the year 1990, is a pioneer and an established player in e-Governance, Document and Printing Management. It is identified as one of the 100 Best Mid Size Companies in India as per Business World (July 16, 2007 Issue); in The Economic Times ET-500 Best Companies in 2006-07; and in the list of the Top 250 Technology fast Asia Pacific Companies of 2003 & 2004 by Deloitte Touche Tohmatsu.

With quality certifications such as ISO 9002, it primarily caters to e-Governance initiative related projects as well as election commission's projects of updating electoral rolls & voter IDs, etc. It is a pioneer in multi-lingual technology. The in-house application software, along with the largest scanning and variable data printing capacities, makes Vakrangee Softwares Ltd. the leader in this industry. It has more than 1,500 plus qualified and trained personnel. It is already working with major players of the industry such as TCS/CMS, C-DAC and Godrej & Boyce Mfg. Co. amongst others.