New Delhi: Concerto Software, Inc. (NASDAQ: CRTO), a proven provider of customer interaction management (CIM) solutions, on April 25 announced a joint venture agreement with New World Xianglong Communication Limited ("NWXL"), a wholly owned subsidiary of New World Infrastructure ("NWI"), a flagship telecommunication arm of New World Group in China.

While New World Group is a Hong Kong-based HK$130 billion (US$16.6 billion) conglomerate, Concerto Software New World is being created to address the growing contact centre market opportunity in China.

According to a report by industry analyst firm Frost & Sullivan, the Interaction CRM (customer relationship management) market in China is valued at approximately US$103 million in 2003 and is predicted to grow at a CAGR of 20.8 per cent to US$264 million in 2008.

The joint venture expects to open its first office in Shanghai shortly and plans to open additional offices in Beijing and Guangzhou later this year. As part of Concerto Software's Asia Pacific operations led by Pramod Ratwani, Concerto Software New World is expected to be fully operational in the second quarter.