SINGAPORE (03/09/2000) - Ecquaria Technologies Pte. Ltd., a Singapore-based manufacturer of electronic commerce software, plans to leverage US$9 million funding that it recently secured from four overseas investors, as a facilitator to expand into their countries of origin.
The investors -- Baring Asia Private Equity Fund of Hong Kong, Fortune Venture Investment Group of Taiwan, Japan's Hikari Tsushin Capital, and Shinyoung of Korea -- were chosen because they represent major countries in Asia where Ecquaria hopes to enter, explained Foong Wai Keong, its co-founder, president and CEO.
The company, which already has an office in the U.S., plans to expand its operations to Hong Kong and Taiwan by the end of this quarter, and to Japan and Korea by mid-year.
As part of its aggressive regionalization plans, Ecquaria said it aims to capture market share by setting up offices in Asia-Pacific, as well as through acquisitions and joint ventures with fulfillment partners in the region.
"We will need to look at partners who can provide us with a strong customer base," said Paul Leong, vice president of business development at Ecquaria.
Funds from the investment will also be used to launch new offerings. For example, within the next two months, Ecquaria plans to release Japanese, Chinese, and Korean versions of its products. The company licenses its ecBeans suite of adaptable business components and applications designed for quick e-commerce development and deployment. These products are built entirely on Java and extensible markup language (XML).
"Java and XML are evolving standards that will continue to see us five to 10 years down the road," said Foong.
Ecquaria will use the money too to increase its research and development activities in XML, Java, and also Wireless Application Protocol.
Funds will be used to expand Ecquaria's management team as well, particularly in the area of sales and marketing.
Ecquaria can be found online at http://www.ecquaria.com/.