Investment worth $12m to be made in IT sector

The Professionals Network Pakistan to invest in information technology (IT) infrastructure.

KARACHI: The Professionals Network Pakistan has announced that it will make an investment of $12.1 million in information technology (IT) infrastructure which it has secured from a syndicate of high net-worth individuals from Karachi.

The Professionals Network Pakistan Private Limited, a subsidiary of Washington DC-based Professionals Network LLC, said in a press statement on Monday that with this investment, the network will establish business centres in the country. The first such centre will become operational in Karachi in a week.

Professionals Network is commonly known as ResbaseGroup globally. The funds will be channeled into the company’s new Hexaoffice brand. Hexaoffice operates on a model similar to that of Regus, a company listed on the London Stock Exchange.

According to Abdul Aziz, a board member at the Professionals Network Pakistan, although the investment is spread over two years, the company has conditionally committed an additional $21 million by late 2011, based on how sales pick up in the first two quarters of next year.

Published in The Express Tribune, December 28^th, 2010.