The publicly listed investment and Internet stock will anchor this strategy on subsidiary Jupiter Systems Inc., a leading local software provider, via its flagship product called ERIC (Enterprise Resource Information Control System).
As a financial database system, ERIC is best suifed for mobile sales and marketing applications using the popular palmtop units. It took the company P300 million to undertake research and development along with networking and marketing to wrap up work on this project.
The system consists of 16 highly-integrated modules that automate critical areas in the management function such as manufacturing, distribution, financials and human resources.
iVantage president and COO Dave de Leon said in a press briefing yesterday that Jupiter is set to tie up with foreign distributors and partners, including the establishment of direct presence in its regional markets, to expand and strengthen the marketing scope of its products.
He said the market for business solutions with financial applications in the region remains a potential gold mine, as estimates show only 30 percent of the targeted clients are using the system.
To date, ERIC has been in use in over 700 enterprises all over Asia, notably the Philippines, Indonesia, Hong Kong and China. Among its clients are SC Johnson, Mariwasa Manufacturing and PT Darya Varya, one of the largest pharmaceutical companies in Indonesia.
iVintage has acquired 47 percent of Jupiter in a landmark deal last May that involved equity infusion in several other firms; systems integrator Nexus Technologies; logistics and support network WordText Systems; Internet portal and search engine Yehey! Corp. Ltd.; Fiesta Online Corp.; and medical transcriptor service IPD-Systems Inc.
De Leon said the addition of these companies into iVantage’s fold has spurred the company’s growth as most of these firms have been performing well above expectations, largely as a result of the Internet-based explosion on a worldwide scale.
Prior to its transformation into an IT-oriented firm, iVantage was in the business of equity investments where a significant portion of total revenues is still derived. These include holdings in International Exchange Bank, Philequity Management Inc., Vantage Securities Corp., IEB Currencies Inc., Lucky Star Gaming and Philcom’s money remittance service.
Last year, the company earned P128.7 million, a huge jump from only P8.3 million in 1998 as it was able to maximize returns on its investment portfolio.