Novac Tech Solutions To Enter S Africa, CIO News, ET CIO


Digital transformation and cloud solutions company, Novac Technology Solutions, is foraying into South Africa this year. Promoted by Shriram Group, this would be the second global expansion of the firm, which comes three months after it had made an entry into Dubai.

The expansion into South Africa is part of the strategy to tap the potential technology market in about 10 African countries in multiple sectors such as finance, insurance, retail and digital learning.

Nanda Kishore N S, CEO, Novac Technology Solutions said, a client in the insurance sector would be their first client in South Africa. “There is immense potential that Africa holds for digital transformation and cloud solutions,” he said. “Our decision to enter this market is rooted in the belief that innovative technology can empower businesses , driving sustainable growth and unlocking new opportunities. With Africa’s burgeoning tech scene and its rapidly evolving business landscape, we are excited to collaborate with local partners and clients, delivering tailored solutions that address unique challenges and foster lasting impact,” he told TOI. In December 2023, the Chennai based company set its international footprint in Dubai with the launch of its new subsidiary, Novac GT Technologies LLC.

The company provides innovative and customized services to businesses across diverse industries with expertise in sectors including fintech, insurtech, retailtech, digital learning and immersive technology solutions. With 140 clients from different industries in India including leading public sector oil companies, banks and pharma companies, Novac is enhancing AI features. “We are working on making AI features more user friendly for which R&D is on,” he added.

Novac Technology Solutions has generated a turnover of about Rs 300 crore in FY24. While 55% of the business comes from the fintech segment, 25% is contributed by insurtech, followed by retail and e-learning each sharing 10% of the business. “We are looking to increase our turnover by 10-12% in FY25. Also, we are hiring 500 more people in the next fiscal (FY25),” Kishore added. Currently, the company has a headcount of 3,500 employees spread over Chennai, Hyderabad and Mumbai.

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  • Published On Mar 30, 2024 at 10:38 AM IST

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