Business Daily from THE HINDU group of publications
Thursday, Apr 19, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Apr 19, 2007 ePaper |
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Info-Tech
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Venture Capital Cordys secures $80 m in funding Our Bureau
The company sees its India mandate growing both in terms of research work and ability to offer services.
Hyderabad April 18 Cordys Holding BV, a business process technology provider, with its R&D centre in Hyderabad, has secured $80 million (about Rs 360 crore) in equity funding lead by Argonaut Private Equity. Founded by serial entrepreneur Mr Jan Baan, based in Holland, known for his enterprise software company BaaN, that used to compete with Oracle, SAP and Peoplesoft, Cordys plans to expand its R&D operations and services capability in India. Addressing a press conference here today, the founder and majority shareholder of Cordys, Mr Jan Baan, said that the $80 million funding represents one of the largest private equity funding in companies that provide software for business process improvement. "Unlike the traditional enterprise resource planning, wherein the work is driven by technology intensive applications, the model we are driving is based on what enterprises require to run their business. As a part of this initiative, Cordys has developed a business process management platform that helps build necessary applications making the entire process swift and easy," he explained. Cordys represents a new class of enterprise software that leverages value from existing technology investments. This is compelling for enterprises as it is different from `rip and replace' approach. The market for Business Process Management Software is poised to touch $2.6 billion up from $1 billion, according to Gartner, wherein Cordys expects to play a big role, Mr Baan said.
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