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HP to absorb VeriFone

The integration process is likely to be completed by May. The 250 employees that are working for the division will also be inducted as HP employees.

VeriFone Inc is HP India's wholly owned subsidiary in Bangalore.

T O D A Y

• Russian germ bomb • HP to absorb VeriFone • TI India's modem chips • STPI's ISP investment

The software company is a leading provider of secure electronic payment solutions for financial institutions and merchants globally.

In the past, the company has shipped more than 6 million electronic payment systems that are used in more than 100 companies.

"The operation was earlier kept at an arms length," Dick Warmington, HP vice-president and managing director, Asia Pacific said.

The company was acquired one and half years ago by HP. The company also named HP India's new president, Ganesh Ayyar last week.

Ayyar is to succeed Suresh Rajpal who has completed an innings of 29 years with the company. Prior to this move, he was the general manager for HP Singapore for four years and the India business since November 1998.

With the opening up of the Internet market to private ISPs, HP is of the view that the home market is going to see strong growth in 1999. The company will be focusing on Internet access and e-commerce technologies.

HP will also be working with private enterprises to provide them with e-commerce end to end solutions.

According to Ayyar, HP would be focusing more on solutions architecture and not so much on systems integration.

Warmington said that since the company model changed a few years ago from manufacturing to outsourcing their products through suppliers, the company has pursued little manufacturing barring the core technology of manufacturing the cartridges.

HP Worldwide sourced $7 million of hardware from India for the current year. Rajpal says efforts are on to identify suppliers in India for manufacturing hardware.

- Compiled from the Indian media

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