PSI aims to lift sales by more than 50pct in 3 years

PSI AG shareholder Mr Harvinder Singh, who owns 16.6% of the German software maker, said that he wants to help win orders in Asia, India and the Middle East as PSI seeks to lift sales by more than 50% in 3 years.

Mr Harvinder gained the stake after selling his company, inControl Tech Sdn Bhd, to Berlin based PSI in May 2009. Both companies specialize in software control systems and automation for energy, infrastructure and industrial companies.

He said that "The PSI footprint will grow very significantly in the so called developing Asian markets as well as the Middle East. We understand the clients, we are in the territory, we have a multinational team and that helps to bridge that gap."

It may be noted that PSI, whose clients include Vodafone Group Plc and E.ON AG, won 68% of its new orders in Germany in 2008 and CEO Mr Harald Schrimpf wants his company to be among the three largest in growth markets including Russia, the Middle East and China.

Mr Schrimpf said that he is targeting additional acquisitions in areas that service the heavy machinery industries. In 2008, PSI made two purchases. The company had sales of about EUR 128 million in 2008 and wants to push revenue to EUR 200 million by 2012.