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News >> Technology >>
Citigroup invests in Caritor
By siliconindia staff writer
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Monday, 03 January 2005, 20:30 IST
BANGALORE: Caritor, a technology solutions provider has reached agreement with Citigroup Venture Capital International (CVC International), a business unit of Citigroup Alternative111 Investments to make an investment in Caritor for joint strategic initiatives and play an instrumental role in helping Caritor expand its global operations, increase market share and strengthen capabilities across multiple industry sectors.
Announcing this significant milestone in the 11-year history of Caritor, Mani Subramanian, Founder, Chairman and CEO of Caritor said, "Our success in the market depends on our increasing ability to continuously deliver leadership results to our customers while aggressively expanding our customer footprint. We are set to build a long-lasting organisation that leaves a legacy of its own beyond the lifetime of the founder. We are, hence, delighted to have CVC International act as our "investor-partner" which not only reaffirms our market credibility and competitiveness but also helps us in rapidly growing our market presence and strengthening our core competencies. CVC International with its significant insight into the outsourcing space is the right partner for us as we begin the next phase in our journey to become a dominant player in the industry."
Commenting on this relationship Dipak Rastogi, head of CVC International, "In an increasingly competitive outsourcing market, Caritor has shown its ability to acquire, keep and grow customer relationships. While a mid-size player in terms of revenue, we believe Caritor has the potential to emerge as a global leader in the Information Technology industry and we at Citigroup are delighted to play a role in this".