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Sequoia, Singapore fund may invest in Excelsoft
By siliconindia
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Friday, 14 December 2007, 20:30 IST
Mysore: Sequoia Capital, a global private equity and venture capital fund and a Singapore-based private equity fund are learnt to be in the race to invest over Rs 100 crore ($25 million) in Mysore based e-learning firm Excelsoft, reported Business Standard
Excelsoft, a six-year-old firm, provides a range of customized learner-centric learning systems, test and assessment systems, and desktop tools.
According to industry information, the company is expected to be valued in the range Rs 350-400 crore ($87.5 $100 million) for the stake sale. The deal will be sealed by early-January 2008.
Industry sources further indicate that in addition to Sequoia and the Singapore fund, ICICI Venture is also in the competition to invest in Excelsoft.
"Excelsoft has created intellectual property in the area of e-learning technologies and combines its strengths in software development, instructional design and e-learning content development to deliver e-learning solutions," said an industry source.
The current head count of Excelsoft is about 500 people across Mysore, Hyderabad and New Delhi, and serves a marquee of clients from global educational publishers, universities and corporates.
Pearson Education, Infosys Technologies, Indian Institute of Foreign Trade, Oxford University, World Bank and UNESCO are some of the clients of Excelsoft.
Sequoia Capital India has been one the most active investment firms in India and has invested in over 35 companies over the past seven years, including in companies such as Applabs, Bharti Telesoft, Café Coffee Day, FirstSource, GlobalLogic, Idea Cellular, Indecomm and SKS Microfinance.