Wednesday, May 11 2005 09:04 Hrs (IST) - World Time -

Chennai: Zylog Systems, the Indian arm of New Jersey-based IT services and products company, yesterday (May 10, 2005) announced an investment of Rs 15 crore to build a bigger facility in the IT Corridor, in Chennai outskirts.

The company, which has a worldwide workforce of 350, of which 150 is in the Chennai development centre, also plans to increase the offshore head-count to 500 before the end of 2005, a press release from Zylog Systems said.

Zylog Systems also said it has signed an agreement with Singapore-based BCS Information Systems to market, implement and integrate FeCTS (front-end cheque truncation system) for the commercial banks in India.

Zylog has an existing relationship with BCSIS for RTGS product, it said.

The company said it was targeting revenues of Rs 255 crore in the current financial year, an increase from Rs 146 crore in the year ended March 31, 2004-05.

The US-based company said it had recently expanded its operations to Europe by opening an office in London.

On the domestic front, the company has specialised in banking products for depository participants (both NSDL and CDSL) and for treasury operations.