PAKISTAN is getting a tech upgrade as part of the government’s efforts to move away from manual paperwork to the digital age, reports Bloomberg. Inbox Business Technologies Ltd. is seeking to raise IDR1.5 billion (US$14 million) via a public listing.
Inbox – Pakistan’s largest IT company – is pairing with the government to digitize most of their paperwork. Inbox began as an assembler of hardware back in 2001, but has since shifted their business model to include software and infrastructure management services. The company will put up a 39 percent stake in a move scheduled for June, with an eye to double their revenue in the next five years.
As of now, Inbox is working with the government on large infrastructure projects, including organizing, installing and building digital systems for mass transport systems in Lahore and Rawalpindi.
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Unlike neighboring countries, Pakistan has lagged behind in the adoption of technology in administrative processes. Many governmental departments still adhere to manual, paper-based systems. The government wants to change all that though, thus opening up a ripe market for digital companies to begin growing in the country and offer services as in India.
It might also not be surprising the the announcement comes ahead of next year’s elections, with current Prime Minister Nawaz Sharif seeking to bring some much-needed disruption to the Asian country. Pakistan has seen its economy explode in the last few years, and a digital infusion could boost it further.
“Our own industries are now starting and taking notice of the digital disruption concept and they are getting more and more automated,” Nasir said, according to Bloomberg. “You need Pakistani Tatas and Wipros.”
As of now, Inbox’s largest customer is the government, who provides them with roughly 80 percent of their revenue, while banks and telecommunication companies are also feeding the industry. The infusion of capital will be directed at helping Inbox secure future contracts.