PRZOOM - /newswire/ -
Bangalore, Karnataka, India, 2007/06/29 - Bangalore-based software services company Iteamic, has secured funding from Canbank Venture Capital Fund Ltd India, for an undisclosed stake. NYSE: CBR
Iteamic a Bangalore-based software services company focussed on providing software solutions in the Financial Services, Banking and Insurance segments, recently secured funding from Canbank Venture Capital Fund Ltd, India, for an undisclosed stake, to propel its next level of growth. This is the company’s first infusion of external funding.
The funding from Canbank will accelerate Iteamic’s expansion plans and augment its infrastructure, R&D and sales and marketing initiatives.
Iteamic founder and CEO Raghurama Kote said: “After a significant amount of interest shown by various investors we are delighted to be partnering with Canbank Ventures and with this new partnership we have the collective experience to sustain and grow our market share and augment our global penetration. We will aggressively further innovations by enhancing the current range of our service offerings.”
Iteamic provides compelling solutions to meet business challenges through consultative services spanning - application management solutions, product collaborative development and dedicated offshore development centers for global clients. “In the curent scenario, focussing on niche segments is the way for small and medium enterprises. Our advantage is that we understand their language and can, hence, provide better solutions,” Mr Kote pointed out.
On partnering with Iteamic, Mr.N.Ramani, Managing Director Canbank Ventures said, “We have been very impressed with Iteamic’s team and the rate at which they have been growing. With their core domain expertise coupled with their service offerings, Iteamic could become one of the most valuable companies in the very near future. Canbank Ventures is excited to be a partner in Iteamic's continued growth and looks forward to assist them to become pioneers in this segment globally”.
Canbank Venture Capital Fund Ltd is a wholly owned subsidiary of Canara Bank and is among the earliest Venture Capital Fund management companies in India. Canbank Ventures currently manages four funds.
Iteamic (iteamic.com) is an SEI CMMi Level 3, IT service provider headquartered in Bangalore with its corporate offices in San Francisco & New York. With its recently opened office in New York, Iteamic has increased market reach into financial services industry vertical. Iteamic works directly with medium sized Financial Services firms, apart from working with some well funded start-ups in the Silicon Valley.
Currently Iteamic caters to marquee Clients in the Financial Services, Banking and Insurance segment as Tier-1 vendor by leveraging its domain and vast technology experience in both niche proprietary and open-source technologies. Since its inception in 2003, Iteamic has grown from 4 to 200 plus professionals and has achieved a consistent 100% year on year growth. Iteamic is among the very few players in the country in this segment of the market.