Teranet set to launch Centre of Development at Technopark; signs MoU

Teranet, a leading provider of registry and workflow solutions for the Canadian Financial Services and Real Estate markets, has signed a Memorandum of Understanding (MoU) with Kerala IT, to set up a Centre of Development at Technopark here. The 10,000-square-foot, 100-person capacity Centre of Development is expected to be operational in April this year, a press release said.

The MoU was signed between Deepak Gupta, Senior Director, Teranet and Hrishikesh Nair, CEO Technopark, in presence of M Sivasankar IAS, IT Secretary. "We are extremely impressed by the highly qualified talent pool and the employee work-life balance that Kerala provides. These were key factors in our decision to set up our development centre in Technopark," said Senior Director, Deepak Gupta.

"At Teranet, we believe that this agreement is the start of a long-term relationship with Kerala that will grow over time and further strengthen ties between Canada and Kerala." Hrishikesh Nair said Technopark was focusing on bringing companies in emerging technologies and fintech is one of the upcoming areas that is already seeing a lot of traction.

Teranet's CMS division (Collateral Management Solutions) is a leading fintech company in Canada. We have already witnessed MNCs like Nissan, H&R Block etc setting up operations in the state last year, which clearly gives a positive indication of the interest in this region amongst the global IT companies, he said.

Teranet is Canada's leader in the delivery and transformation of statutory registry services with extensive expertise in land and commercial registries. In 2018 Teranet acquired D+H Collateral Management Solutions extending its personal property registries business.

Teranet also markets insightful property and data solutions, as well as practice management automation to thousands of customers in the real estate, financial services, government, utilities, and legal markets. Founded in 1991, Teranet operates the Electronic Registration System for the Province of Ontario and The Property Registry for the Province of Manitoba.

Teranet Inc. is 100 per cent owned by OMERS Infrastructure, the infrastructure investment manager of OMERS, the defined benefit pension plan for Ontario's municipal employees. OMERS is one of Canada's largest pension funds, with net assets of more than C$95 billion..

(With inputs from agencies.)