To help companies address large amounts of data, help enterprises to unlock value of their own data, Jaffar Business System (JBS), an information technology solution provider has acquired Blutech Consulting.
“Currently big data market is $27 billion which is expected to grow by 400 percent to reach over $100 billion in the next few years”, said Chief Executive Officer (CEO) JBS Veqar Islam while addressing a press conference here on Wednesday.
“We envision educating Pakistan market with global data analytics practices and creating job market for youth by serving international customers”, he added.
Kashif Jadoon, Chief Executive of Blutech Consulting (Left) and Veqar ul Islam, Chief Executive and Director of Jaffer Business Systems (Right) exchange signed documents during the JBS acquisition press conference
Though 23 percent of start-up fail due to short of money, but just funding is not the right way, said CEO, adding that JBS would bring Blutech to corporate setup and encapsulate experience and leadership of JBS with Blutech.
Blutech, a privately-held company based in Islamabad is a futuristic company which understands that big data is not just about data but about unlocking the value of data by giving it meaningful sense.
It offers strong technical capabilities around business intelligence and data analytics. Now the IT market in Pakistan will be able to benefit from decades of JBS experience and expertise along with Blutech’s knowledge of analytics, BI and Data business to provide strong value to customers.
Veqar Islam, CEO of JBS, said that in a few years JBS intends to acquire more promising, futuristic and innovative startups that have the potential to solve business/social problems.
“We believe our model of acquisition provides the right blend of investment and structure which in turn would not just increase the chances of success for startups like Blutech, but also enable them to scale operations in Pakistan and outside”, CEO added.
JBS intends to become an organization which is aligned to future market trends and would continue to actively look for ideas and people with big dreams to become part of its acquisition strategy. Such an approach, we believe can contribute aggressively and actively towards expanding the “innovation scene” in the country.”
Kashif Jadoon, Chief Executive, Blutech Consulting, said he was delighted to become part of such a large group that has the credibility of decades in this industry. We have very strong ideas and a committed team and now with this acquisition, we have the strength and experience of JBS which we can leverage to become a powerhouse of Big Data/Analytics locally and internationally.”
The multi-million rupees investment being made by JBS, besides helping Blutech in developing a strong knowledge base in the country would also be used for setting up a data lab. This would enable JBS to develop strong products that bring further value to organizations looking to unlock the potential of Data.
Use of data is increasing at an exponential rate. According to Google CEO Eric Schmidt, every 2 days, as much information is created as was created from the dawn of civilization up to 2003. This means 2.5 quintillion bytes of data are created every day, which is equivalent to 57.5 billion 32 GB iPads.
This influx of data has caused a disruption and is shaking industries, societies and even day to day life. Hiding within those mounds of data is knowledge that could change a life, or change the world. However, the goal is to turn the data into information and information into insights.