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News >> Technology >>
Emagia closes $7.5M in second financing round
By siliconindia
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Wednesday, 09 April 2003, 19:30 IST
SANTA CLARA: Emagia Corporation, a enterprise cash flow management solutions company, on Tuesday announced the closing of its second round of institutional funding. The new investments, which total $7.5 million, come from Sigma Partners and WestBridge Capital Partners. They are two of the most highly regarded venture financing firms focused on enterprise software and have strong track records in financing and nurturing successful companies.
Sigma, with more than $1 billion under management, has previously invested in companies such as Cascade, Vignette and Storage Networks. WestBridge Capital Partners portfolio includes industry leaders such as Celetron, Zenasis Technologies and July Systems, among many others.
Emagias solutions have gained significant momentum in the market by helping large enterprise customers manage cash flow efficiently and optimize working capital. Emagias customer base includes industry leaders such as Solectron, Celestica, Network Associates, Syngenta, Hyperion, Advanced Fibre Communications and Sensormatics. The companys early investors include Solix Technologies, B3 Ventures and others. The new round of financing enables Emagia to expand its sales, marketing and deployment operations into new markets.
"With the proven success of its product line, the customer satisfaction its recorded, and a sound business strategy, Emagia has the right fundamentals to grow into a large, successful global enterprise," said Sumir Chadha, Senior Managing Director of WestBridge Capital Partners, a leading US-India VC firm that invests in technology companies with the potential to develop a global presence. "Theres increased market pressure on corporations worldwide to improve the bottom line, and Emagias solutions help achieve that by managing cash flow effectively."
"Sigma and WestBridge Capital Partners have remarkable track records in building global enterprise software companies," said Veena Gundavelli, President and CEO of Emagia.