US software firm to increase investments ( 2003-08-27 09:24) (China Daily)
US software firm Veritas Software Corporation plans to increase its
investments in China, one of the fastest growing markets in the world.
Gary Bloom, chairman, president and chief executive officer of the US storage
software vendor, said yesterday on the sidelines of the Veritas Vision user
conference in Beijing that his company would set up a wholly owned enterprise
and a research and development (R&D) centre in China to meet the fast growth
of its business in the country.
According to P.W. Pong, president of Veritas' operations in China, a Veritas
team from the United States is visiting Beijing, Shanghai and Shenzhen on local
investment environment and quality and quantity of professionals to decide where
the proposed venture will be located.
"We hope the establishment of the two organizations will be done as soon as
possible." Pong said, "The progress should be counted by month rather by year."
Veritas, one of the world's top 10 software companies, currently has four
offices in Beijing, Shanghai, Guangzhou and Chengdu with over 120 employees.
Last year, its business in China grew by 65 per cent over 2001, compared with
the Asia-Pacific average of 40 per cent, while its worldwide revenues only grew
by about 1 per cent year-on-year in 2002.
The NASDAQ-listed software firm also planned to build its proposed R&D
centre in China into one of the major research facilities in the world.
"This should be another major engineering centre for Veritas," said Bloom.
The facility will be mainly engaged in the development of Chinese versions of
Veritas products and verify the compatibility with solutions with its local
partners, but in the future it will evolve into a key link in Veritas' global
R&D network.
He said 30 per cent of the engineering of Veritas is done in its overseas
research organizations in India, Britain and Israel.
