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IFC to invest $2 m in Spryance

Our Bureau

NEW DELHI, Nov. 22

THE International Finance Corporation (IFC) is investing $2 million as equity in Spryance.com, Inc. for establishing a remote services Internet marketplace based in India.

The investment would help Spryance, an early mover in the remote services industry on two fronts-build its operational headquarters in Chennai and launch its technology platform, according to a release.

Spryance is a business-to-business enterprise founded in March 1999 with the focus of facilitating companies in industrialised countries to outsource transaction services to companies in emerging markets. It plans to formally launch its neutral Web site for the emerging remote services industry in early December in Boston.

Spryance's Chennai headquarters will house the software development and outsourcing operations for personalised and skilled transactions. Initially it plans to target a particular industry segment and then scale out the business more broadly.

The company is looking at medical transcription market in the US as a major focus. It will begin by offering medical transcription services through a Web-enabled process that allows trained staff from India to transcribe into written documents the voice recordings that doctors and other medical staff dictate to report on non-acute medical situations.

Mr Mohsen Khalil, the World Bank Group's Director of Global Information and Communication Technologies Department (ICT) said, ``The initiative could contribute to creating high-skilled jobs in India, directly with Spryance as well as enhance the country' s position as a leading provider of hi-tech based services.''

The World Bank Group had recently established the global ICT Department to promote transfer of information technologies to the developing world. Priority was given to communications networks and Internet infrastructure projects with the private sector in volvement.