3i Infotech, a leading Indian IT solutions provider,  said that its revenues for the first quarter ending June from Mearc regions (Middle East,Africa, Russia and CIS) surged to $11.3 million (Dh41.47 million).

The company attributed the robust revenue growth from the region to the booming economies which were high on oil cash, in a Gulf News report.

"We see bullish demand across the region in all the segments especially Russia, Nigeria and Gulf as they are all doing well due to high oil prices. There is a lot of value IT can add to this region when compared to other regions as the market is still immature," said Pankaj Chawla, COO 3i Infotech, Mearc.

While South Asia accounted for 34 per cent of 3i’s revenues, the US’s share was 29 per cent, Western Europe was 15 per cent, Mearc’s was 14 per cent and Asia Pacific’s was eight per cent, said the official. He further stated that 3i was not hit by the sub-prime crisis in US and Europe.

"Primarily our area of focus is on banking, financial and insurance sectors but this year we will focus more on solutions for sovereign wealth funds due to the strong regional demand," said Pankaj.

"We have more than 600 customers worldwide, of which 400 customers are from the region and have 14 of the 18 takaful companies in the region. We expect healthy growth this year. We will be opening offices in Riyadh, West Africa and Russia," he added.

3i’s acquisitions in the first quarter included 51 per cent stake in FinEng Solutions, 26 per cent in Locuz Enterprise solutions and the US-based Regulus Group.