Genex Infosys makes an agreement with Edotco to offer IOT services

Summary:   

Genex Infosys has entered into a three-year agreement with Edotco Bangladesh Company to arrange for 360-degree internet of things (IOT)-based security solutions, including monitoring and theft protection. This service agreement is estimated to produce approximately BDT240mn in revenue per year upon full rollout, added the disclosure.

Content:

Genex Infosys is a part of the IPE Group UK, a leading outsourcing provider of customer experience management and trusted by the world’s leading brands. They are experts in people interactions and delivering superior customer experience in every contact. They have a multinational team of experts who have experience in skills and experience.

Genex Infosys has several investments in Bangladesh. In July, They have signed an agreement with Edotco Bangladesh Ltd to deliver a multinational telecom tower company with a 360-degree security solution service. After they had signed the agreement, the board of Directors approved the agreement. The agreement is for three years period from July 2021.

The planning started on 27th May this year, when the company decided to invest in a new venture of the telecom infrastructure business. Genex Infosys will hold 75% fairness in the new venture- Genex Infrastructure Limited. By this short span of time, the company has also been engaged in call center service, marketing of software products, website development, and providing maintenance and support services to both domestic and international clients like Bangladesh.

To say more detail, Genex Infosys got listed on local stock exchanges in 2019 with a paid-up capital of Tk 103.22 crore, according to a disclosure published on the stock exchange on 8th July 2021. FYI, paid-up capital is the amount of money a company has received from shareholders in exchange for shares of stock. Paid-up capital is created when a company sells its shares on the primary market directly to investors, usually through an initial public offering (IPO).

Now, Genex Infosys management expects to generate roughly Tk 24 crore in revenue per year on each rollout from the new IoT business.

In the January-March quarter, the consolidated EPS stood at Tk 1.16, which was Tk 1.11 in the fiscal year 2020.

In their company, sponsors, and directors jointly hold 34.99% shares, institutions 26.55% and general investors 38.46% shares of the company.

As they are enlisted in Dhaka Stock Exchange, their trading share price is also public and very handy. It was Tk 90.20 on 7th July. Whereas, the other companies have higher trading prices up to Tk 400.

Pic and Article Souce: https://www.tbsnews.net/economy/corporates/genex-infosys-provide-360-degree-iot-based-monitoring-and-theft-protection.

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