New Delhi: Concerto Software Inc, a proven provider of customer interaction management (CIM) solutions, announced it has signed a joint venture agreement with New World Xianglong Communication Limited, a press release said.

NWXL is a wholly-owned subsidiary of New World Infrastructure, a subsidiary and the flagship telecommunication arm of New World Group in China. New World Group is a Hong Kong-based 130 billion Hong Kong Dollar ($ 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 $ 103 million in 2003 and is predicted to grow at a CAGR of 20.8 per cent to $ 264 million in 2008. The Frost & Sullivan report also predicts a growing opportunity for large call centres in China - especially in the telecommunications, banking and outsourcing industries, the release said.

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, the release added.