T H Lee Putnam invests $20 m in B'lore firm
By siliconindia   |   Friday, 03 October 2003, 19:30 IST
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MUMBAI: Private equity fund T H Lee Putnam Ventures has made its first investment in India by putting in $20 million in the Bangalore-based Symphony Services Software Solutions Group (SSSG). SSSG is part of the Symphony Technology Group headed by Romesh Wadhwani. The company has been growing through internal accruals and this is its first venture funding. The company did not disclose the stake acquired by T H Lee for the capital invested. A formal e-mail and fax query sent to Symphony’s Bangalore office failed to elicit a response. The investment has been carried out by Ramanan Raghavendran, managing director, TH Lee Putnam Ventures. Mr Raghavendran earlier headed his own venture capital firm in India called Connect Capital and has shifted base to the US now. Symphony Services is expected to use the strategic investment to fund its acquisition plan and for working capital requirements. Symphony Services’ Software Solutions Group provides offshore client-dedicated development, test and support centres for commercial software companies. The company claims it has over 100 customers, including Manugistics and BroadVision. Symphony Services has not sought outside capital in the past, but decided recently to bring in a strategic and financial partner to support its continuing growth. Symphony Services has grown to more than 500 employees and its growth rate is expected to be well in excess of 50% annually, according to company information. (Source: ET)

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