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Our Bureau

To have nominee on board

Chennai April 16 Goldman Sachs has led a $25-million (Rs 112 crore) fresh investment in Cybernet-SlashSupport (CSS), a US-based information technology service provider with offshore facilities in India.

The global investment banking, securities and investment company would invest around $20 million for a "minority stake" in CSS, and the rest by another investment company (name to be announced shortly).

It would have a representation on the CSS board, Mr Shiva Ramani, CEO and co-founder of CSS, told newspersons.

Last year, SAIF Partners (Softbank Asia Infrastructure Fund), a private equity fund, invested $22.5 million in Cybernet by buying out Barings' stake, he said.

Mr Ramani said CSS would utilise the fresh investment to expand sales and marketing, and pursue acquisitions that would help customers drive technology adoption.

The CSS has SlashSupport (technology support and infrastructure management), ReadyTestGo (software testing) and Cybernet Software (software services) under its fold.

For clients such as Nortel, Blackboard, NTT and Alcatel-Lucent, it provides services such as product or application design, development, software testing, technology support and remote infrastructure management, he said.

The CSS has around 5,000 employees in the US, Europe and Asia, and offshore delivery centres in Chennai and Coimbatore.

For the next 24 months, it plans to increase the employee strength by around 75 per cent.

Most of the expansion would happen in Coimbatore where the group has around 200 employees, he said.

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