Rajeevlochan Phadke, an entrepreneur, is going global after he developed ScriptMagic software and sold his company to California-based IT firm Linguanext Inc for an undisclosed sum two months ago. His unique software enables it to be used in multiple languages.

“ScriptMagic software has the capability to provide language enabling software in practically any language,” Phadke, 42, told Financial Chronicle.

For instance, he said the software in English can be converted into other languages and the software of other languages can be converted back into English. Phadke, who has at present employed 50 software engineers, said he had invested about Rs 10 crore to develop the software.

The licensed software carries a price tag of Rs 50 lakh and can go up to Rs 5 crore depending on the size of the organization using it.

Phadke’s Pune-based Image Point Technologies, now a fully owned subsidiary of Silicon Valley company, Linguanext, owned by Atul Tulshibaugwalle, who hails from Pune, has targeted to double its turnover to Rs 10 crore in 2010-11.

Last financial year, Image Point Technologies crossed Rs 5 crore turnover with reputed clients like the public sector banks such as SBI, PNB, New India Assurance company et al.

“With the merger of my firm, we are now foraying into overseas markets, especially in West Asia, China, Japan and Thailand,” said Phadke, who has been retained as president and CEO of Linguanext Inc.

He is targeting global enterprises which need the software in different countries and languages.

Phadke said Sage, the world’s third largest ERP solution provider after SAP and Oracle, has a tie up with Linguanext Inc to convert their software into Arabic. Linguanext also has contracts with several banks in West Asia, he said.

Phadke, an electric engineer from IIT-Powai, said the e-governance project of the central government with Rs 22,000 crore allocations will provide huge business opportunity for the company to generate revenues.

“We are targeting Rs 300 crore revenues in the next three years from the central and state governments’ e-governance projects in the pipeline which will need local language support and therefore, our product will be most ideal for them,” he said.

Phadke first sold his software in 2007 to the Indian Bank for its core banking solution in Hindi.

“Today 16 public sector banks, including State Bank of India, Union Bank, Bank of Baroda, Oriental Bank of Commerce are our clients,” he said.

Two more public lenders were in the queue, he said. Over 45,000 branches at present have installed the firm’s ScriptMagic software for core banking solution in the country, he added.

Phadke said his firm also provided software solution for New Indian Assurance, India’s largest insurance company.

The company has also deployed the ERP software for Indian Railways’ centre for railway information system, the nodal agency for all railways IT projects.

“Winning the ‘Innovations 2009’ award by IIT Bombay Alumni Association, Pune Chapter, boosted my business as it validated my innovation,” he added.