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News >> Technology >>
VC invests $6 M in Indian software firm Infinite
By siliconindia staff writer
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Tuesday, 15 June 2004, 19:30 IST
BANGALORE: Infinite Computer Solutions, a mid-sized Indian software service company, said on Monday it had secured $6 million in private equity from a Singapore-backed venture capital (VC) fund to finance acquisitions and expansion.
Infinite, founded in the United States but with its parent now shifted to India, would use the money from WhiteRock Partners to build facilities in China and the Philippines, company officials told a news conference.
Infinite, with clients like Sony and International Business Machines, aims to boost revenue to $90 million in the year to March 2005 and $160 million by 2006/07 from $70.6 million in 2003/04, chief operating officer Upinder Zutshi said.
The company now has 1,400 employees, 650 of them in India and most of the rest in the United States.
By the end of this year, the headcount is expected to rise to 2,000, of which around 1,250 would be in India, Zutshi said.
"We have been and are looking at some acquisitions in the IT space," Zutshi said. "Hopefully we will be able to complete a few transactions this year."
Goh Boon Seong, managing director of WhiteRock Partners, said his company was looking at the possibility of Infinite taking over a company controlled by his fund.