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WestBridge invests $6 M in STI
By siliconindia staff writer
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Friday, 16 July 2004, 19:30 IST
BANGALORE: Venture capitalists, WestBridge Capital Partners is leading a $12 million second round funding with a $6 million investment in STI Knowledge, Inc. (STI), provider of integrated Business Process Outsourcing (BPO) and Enterprise Support solutions and services.
All of the company's existing investors, including Satish Sanan, Executive Chairman of STI Knowledge, Mellon Ventures and BV-Cornerstone Ventures also participated in this round. Satish Sanan, who founded IMRglobal in 1988 led the company's first round of $14 million in Series A funding. WestBridge will assist the company in developing its India delivery capability and in developing its overall global business strategy. Sumir Chadha of WestBridge Capital Partners will join the other investors on STI's board.
STI Knowledge, based in Atlanta, GA, has significant domain expertise in the US healthcare, insurance, government, and commercial enterprises industries, along with strong technology capabilities. STI has been named as an industry leader and visionary in Gartner Group's renowned Magic Quadrant and is committed to continuing its position as a leader and visionary as it forays into new market segments and expands its capabilities within its focus industries.
"This recent round of Series B funding furthers STI's proven growth strategy and hastens our ability to develop our India delivery capability, to complete further healthcare acquisitions, and continues our business development efforts," said Satish Sanan, Executive Chairman at STI Knowledge. "The integral business value we are able to currently provide our existing US-based customers will be greatly enhanced to offer broader-scope, global business process outsourcing solutions."
WestBridge had identified outsourced services as a key focus area for their investments and has been actively evaluating companies in the BPO sector. The investment in STI Knowledge falls in line with this strategy. "We are excited to partner with an exceptional entrepreneur like Satish Sanan in addition to the other world-class investors in STI, and the high caliber management team. STI has an innovative approach to address a large market opportunity, particularly in healthcare outsourcing," said Sumir Chadha, Senior Managing Director, WestBridge Capital Partners. "WestBridge has been an active investor in the Indian BPO space, and many of our portfolio companies such as ICICI OneSource, Celetronix, Indecomm Global and MarketRx are well established market leaders in different segments of the BPO industry."