Dubai-based
systems integrator Seven
Seas Computers is looking
to tap international
private equity funds
for its fast developing
hospitality management
software.
The
deal could be finalised
in the second half this
year, according to a
top official.
The
company developed the
"momentohs®" solution
in-house in 2001 and,
since then, has deployed
the ERP-based solution
at some leading independently
managed hotel properties
in Sri Lanka, Malay-sia,
Kenya and beyond. With
its newly established
office in Malaysia,
it will cover the Far
East and Australia.
"In
another five years,
we believe momentohs®
will emerge as our flagship
brand on both revenue
and bottomline by representing
over 50 per cent," said
Chairman Mehboob Hamza.
"We
are in negotiations
with certain fund houses.
The way we see it is
to spin off a separate
company based on the
Momentohs platform to
tap new funds. We have
nurtured the product
over the last three
years, as well as created
a distribution channel
that is working well.
We may even have our
first US customer within
the next few months."
"We
are not limiting our
geography in our search
for the perfect partner."
According
to Hamza, there is a
mushrooming of hotel
properties, particularly
in the Far East and
near Asia, not owned
by the big international
chains.
"They
offer speciality services,
go far beyond in providing
guest experience and
are the trendsetters
in the hospitality industry,"
said Hamza. "They are
the perfect clients
for momentohs®, and
we see that competing
solutions from other
vendors are too fragmented
nor flexible to serve
their demanding needs."
"They
do not offer the end-to-end
solution that we can.
Large international
hotel chains tend to
use particular software
for 10 to 15 years.
We see many opportunities
through multiple licensing
agreements and by offering
specific variations
on our solution to meet
certain requirements
of our clients, which
is the differentiator."
Currently,
the core systems integration
services makes up 80
per cent of Seven Seas's
revenues.
While
there are no plans to
develop new solutions
targeted at specific
industries, as it did
with momentohs®, Seven
Seas is looking to add
new product lines in
alliance with other
vendors. Biometric technolog
and RFID is something
that is of particular
interest.
"The
way we see taking on
new industry specific
solutions is to see
real benefits for the
customer, as much as
the competitive landscape
in that particular category,"
said Hamza.
"Egypt
is another market for
momentohs® which we
will look at this year,
most likely through
value-added partners."
