Financial Daily from THE HINDU group of publications
Saturday, Nov 27, 2004
Financial Daily from THE HINDU group of publications Saturday, Nov 27, 2004 |
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Info-Tech
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Software Emagia Corp commits $4 m for Indian R&D Our Bureau
Hyderabad , Nov. 26 EMAGIA Corporation of the US plans to invest over $4 million in the next 12 months as part of expanding its Indian R&D activities. The cash flow management solutions company, with development centre in Hyderabad, has initiated negotiations with the leading Indian software solutions providers such as Infosys, Wipro and Satyam, for partnerships. Ms Veena Gundavelli, President and CEO, refused to give details on these alliances. Speaking to newspersons on Friday, she said that the company has raised its third round of venture capital funding of $7 million recently from Timeline Ventures, Sigma Partners and West Bridge Capital, taking the total venture capital funding till date to over $21million in the last four years. "With the new investment coming into the company, Emagia will soon embark on expansion of its products and services, reach out and penetrate newer markets, both in the US and India. Currently having a total headcount of around 150 professionals, of whom nearly 100 are working out of the India development centre, we plan to multiply the number 2-3 times in the next one year. Stating that the India development centre team developed all the four leading products of the company, she said that Emagia has invested around 60 per cent of funds raised so far in the Indian operations. According to her, the company has firmed up major expansion plans for its Indian R&D, professional services and support teams. Having successfully deployed its cash flow management solution at around 100 sites globally, the company currently has recorded about $50 million revenues and achieved break-even.
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