1. Company Background
Phoenix Systems is now a leading software firm which develops financial software solutions in Pakistan. In 1998, David and Sohail both around their early fifties left their salaried jobs as senior consultants in a financial multinational and invested their entire savings to start their own software firm. The twenty employee firm was based in Karachi and had no financial backing; therefore, it was under stress to produce profits. The firm positioned itself as a high quality Automated Teller Machine (ATM) software provider. Sohail tapped on his previous employer and was able get the firm’s first product deployed at two local banks at a competitive price. These revenues were able to sustain a breakeven point for the company within the first six months of its inception.
A firm with enormous growth opportunities
Software demand grew sharply as the entrepreneurs opened up the firm to Middle Eastern offers. The company started growing both in terms of number of......
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