BANGALORE, March 3
IVEGA Corporation, the Bangalore-based IT solutions and consulting company, said it had secured the first round of venture capital funding from Sivan Securities Ltd.
The initial funding of Rs. 10 crores would be used to fuel internal growth, both in the US and India, as also to actively consider strategic acquisition targets, said Mr. Ravi Ramu, Chief Financial Officer, Ivega.
Addressing a press conference, Mr. Ramu, who recently joined Ivega from KPMG, said: “As Ivega moves to the next level of development, our investment in infrastructure, resources and people will be critical to our ambitious growth plans. This capital infusion will be directed towards these areas to give us a competitive edge over major players in the industry.”
Ivega’s list of clients includes key Fortune 500 companies as well as high-growth dotcoms, according to Mr. Ramu, who also said the company was looking forward to a second round of funding.
Mr. Giri Devanur, Chief Executive Officer, said: “Ivega’s ability to grow comes from the strength of the management team which comprises the best business and technical talent from around the globe. Ivega and its clients succeed because every Ivega employee is focused on the same goal; helping clients solve tough IT problems more quickly and effectively than they ever thought possible.”
Evincing his strong belief in the company’s business prospects, Mr. V.G. Siddhartha, Managing Director, Sivan Securities, said: “Venture capitalists today look to invest in young, promising companies who can anticipate the latest business and technology trends. We believe that Ivega’s business model will give them a competitive advantage in this new-age business environment.
“Going by the company growth rate in the past two years, I am confident that Ivega will achieve a turnover of $100 millions in the next four to five years.”
Set up in August 1997, Ivega focuses on providing software applications and consulting for the global financial markets. The company has a development center in Bangalore and a software development center in San Francisco. Ivega’s development center employs about 200 full-time IT professionals at all levels. The company hopes to close the current fiscal with revenues near $6 millions.