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Canadian MNC Teranet sets up operations in Technopark
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Canadian MNC Teranet sets up operations in Technopark

Agency News

Thiruvananthapuram, Mar 28 : Teranet Inc, a leading IT solutions provider for the Canadian Financial Services and Real Estate markets, has set up its first Centre for Software Development -- TeraServ -- in Technopark.

Teranet Inc is 100 percent owned by OMERS Infrastructure, one of Canada’s largest defined benefit pension plans, with USD 97 billion in net assets. The 10,000 sq.ft new office at Pampa building Technopark was inaugurated Ms. Nicole Girard, Consul General of Canada on Thursday in the presence of Teranet President and CEO Elgin Farewell and Technopark CEO Hrishikesh Nair.

It was in January 2019 that the Teranet/OMERS top management met with the Kerala Chief Minister and the Finance Minister and expressed their willingness to set shop in Technopark.

The MoU was signed between Teranet and Technopark on January 22, 2019 and the space were allocated soon after. As per the MoU, Teranet completed the fitouts in an expedited manner and ready to begin operations with a workforce of 45 and then plan to expand 150 employees in a year.

TeraServ, the Centre of Software Development will exclusively serve the Teranet businesses including Teranet Collateral Management Solutions – a leading financial services solutions provider.

Teranet Inc is 100 percent owned by OMERS Infrastructure. OMERS is one of Canada’s largest defined benefit pension plans, with USD 97 billion in net assets as at December 31, 2018.

A jointly-sponsored pension plan, with 1,000 participating employers, OMERS invests and administers pensions on behalf of almost half a million active and retired members.

Teranet is Canada’s leader in the delivery and transformation of statutory registry services with extensive expertise in land and commercial registries.

Teranet operates the Electronic Registration System for the Province of Ontario, and The Property Registry for the Province of Manitoba.

Teranet’s centralized electronic registry systems are an integral part of the Ontario and Manitoba economies enabling quick and efficient land and property transactions. Two-way investment is an important part of the Canada India relationship. Teranet’s expansion in Kerala announced this day will create great jobs and contribute to economic prosperity in both countries, said Ms Nicole Girard, Consul General of Canada. (UNI)