SOURCE: Precept Global Access

August 04, 2005 14:32 ET

Announcing Precept Global Access, a High-Tech Incubation & Venture Capital Company With Initial Focus on the Pakistani Market

Shoieb Yunus Joins as Managing Director, Based in Silicon Valley

SUNNYVALE, CA and KARACHI, PAKISTAN -- (MARKET WIRE) -- August 4, 2005 -- Precept Global Access today announced its formation and its mission to fund and support early-stage technology companies and entrepreneurs, who wish to locate facilities in Pakistan. Shoieb Yunus, CEO and Founder of EzValidation, has been named Managing Director.

Precept provides professional services and infrastructure to early-stage companies that help them take advantage of the talent pool and the lower operating costs in Pakistan that can be two to three times lower than India.

"The incubation model has been tried and it can work well. It provides leverage to entrepreneurs so they can focus on technology development and leave all the other headaches of starting an operation in Pakistan to a company that excels in solving these issues," remarked Shoieb Yunus, Managing Director, Precept. "Because of this and the talent pool available in Pakistan we are focused on funding companies in the software, digital media and IT-enabled services. We hope to attract companies to Pakistan who would otherwise not think of Pakistan as a development site."

Precept's services include:

--  Seed funds for start-ups
--  Office space
--  High speed Internet connection
--  Access to experienced technology resources
--  Business plan development
--  Business growth strategies
--  Strategic planning for global reach
--  Accounting and legal services
--  Administrative and HR services
    
"I have always believed that Pakistan possesses tremendous untapped potential for high-tech companies as well as a skilled pool of technical people and entrepreneurs. What the country has lacked is access to venture capital and the knowledge to exploit the opportunities offered by supporting companies that access global markets," said Naeem Zafar, an advisor to Precept and President and CEO of Pyxis, an electronic design automation technology company based in Santa Clara, California.

"I'm very pleased to see Shoieb heading up this venture due to his knowledge and expertise based on being part of Silicon Valley's ecosystem," Zafar added.

Why Pakistan?

The Government of Pakistan has provided several incentives to investors for promoting the IT industry in the country. Some of the benefits provided to the IT companies are in the form of tax holidays for 15 years, 7 years tax holiday for venture capital funds and 100% foreign equity ownership. Because of these incentives, an increasing number of foreign IT companies have chosen Pakistan for their outsourcing operations.

About Precept

Precept Global Access provides funds and professional services to drive and support early-stage companies. Precept is establishing its first incubator in Karachi, Pakistan. Additional facilities will be established in other major cities of Pakistan, i.e., Lahore and Islamabad.

Precept headquarters are at 830 Stewart Drive, Suite A9, Sunnyvale, CA 94086, USA.

For more information, please visit www.preceptglobalaccess.com, Email investor@preceptglobalaccess.com or call 408-417-0797.

Contact Information

  • Press contact:
    Georgia Marszalek
    ValleyPR
    650-345-7477
    Email Contact