CHENNAI: Chennai-based IT products and services company, Bahwan CyberTek has figured among the top 100 private technology companies in Asia in a survey done by the US magazine, 'Red Herring'. The survey, a comprehensive one of the region, also includes Japan.

The top 100 companies were selected from a shortlist of 500 companies, after a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to R&D, Mr S Durgaprasad, Director and CEO o f Bahwan CyberTek said here on Monday.

The wholesome analysis by Red Herring, which also took into consideration the future of technology and financial strength of these companies, would help Bahwan CyberTek and others in the list to attract private equity funding for future growth, he said.

Red Herring's lists of private companies, which identify new and innovative technology companies, had spotted companies such as Google and eBay in their early days.

Without giving details of the proposed private equity funding, Mr Durgaprasad said that Bahwan CyberTek, which posted a 225 per cent growth in top-line at $45 million last year, would use the funds to grow in new geographies, expand R&D, accelerate product developments and acquisitions.

The company has recently set up its office in Virginia (US), and would open another one in Bahrain in the first week of October. An office in Singapore is also on the cards.

Bahwan CyberTek, where the Oman-based Bahwans family owns about 90 per cent stake, also planned to grow from the present 250 employees to 800 by the end of fiscal 2006. - PTI