GlobalLogic closes Series C round for $29.5 Mn
Date: Thursday , March 13, 2008
The Rajul Garg and Sanjay Singh co-founded GlobalLogic has secured $29.5 million in series C funding. Led by Sequoia, all of GlobalLogic’s existing investors, New Atlantic Ventures (formerly Draper Atlantic), New Enterprise Associates (NEA), and Sequoia Capital India participated in the series C round. The new funding will be used to execute the company’s global merger and acquisitions strategy as it continues to expand worldwide.
“Today, we announced our first acquisition of 2008; Validio Software, a significant global product development company based in Bellevue, Washington, with a substantial software development center in Ukraine, which was accomplished using some of these funds,” said Peter Harrison, CEO, GlobalLogic.
Validio Software is a U.S. based software development company with a 320-person development center in Kharkov, Ukraine. The acquisition expands GlobalLogic’s .NET expertise and makes GlobalLogic one of the largest technology employers in Ukraine. “We see a growing demand in software product companies across verticals to offshore and outsource. The Mobile and the Web are certainly high growth sectors, but the traditional sectors like financial and enterprise software are also seeing strong growth,” said Garg, Vice President, Corporate and People Development, GlobalLogic.
Founded in 2000, the company focuses on software product R&D for technology companies, which NASSCOM estimated as a $6.5 billion market. Headquartered in Vienna, Virginia, and with the European headquarters in London, GlobalLogic has 3,000 engineers in the U.S., India, China, and Ukraine. The services include product testing and quality assurance, product analysis, conceptualization and realization, migration and porting, and product maintenance and support.