RealTime IT News

NASDAQ-Bound BizTone Gives Away Net Finance App

Jumping on the free products bandwagon, Multimedia Super Corridor startup BizTone.com is giving away its Internet-delivered accounting software for free.

Starting this month, the Malaysian company is giving away its end-to-end accounting software, BizTone Financials V1.1, to capture market share and be on time to land a listing on the tech-heavy NASDAQ by the first quarter of 2000.

BizTone has stated in the past it is shooting for a turnover of US$200 million within the next 48 months and BizTone's chief executive, Darryl Carlton, says its software will be given out for free in the first year if clients sign up for three years.

In the second and third year, users will be charged 25 cents for each transaction they make. CEO Carlton says that this effectively eliminates the need to purchase BizTone's software and, at the same time, lowers the barrier to using our financial package.

Java-based BizTone Financials delivers general ledger, accounts payable and receivable, project costing, system administration and master control data.

BizTone pioneered the rental of enterprise resource planning software over the Internet and allows corporate customers to "rent" its service on a pay-per-use basis.

Industry analysts see this as a preemptive move to capture market share and in turn puts further pricing pressure on traditional vendors of financial software like Baan of Holland and SAP of Germany.

In July, BizTone launched BizTone.net over Singapore One, the island-wide broadband IT network that serves over three million individual customers and some 200,000 small and medium industries.