Bangalore: In its fifth stellar exit, Nexus Venture Partners has made an exit from Netmagic Solutions. Nexus has sold all the shares of Netmagic for an undisclosed amount. This has turned to be a good exit with multiple returns. NTT Communications Corporation will acquire 74 percent of Netmagic Solutions which is subject to approval of relevant authorizes in India. Sharad Sanghi who founded the company and is the CEO, has sold only a minor stake and will still be on the board of the company handling and building the business.

Netmagic Solutions is a pure-play Managed IT Hosting Services Provider. Sanghai founded the company in July 1998. Sanghi is an industry veteran and has been involved in setting up Internet backbones and provisioning Internet services in the industry from 1990.

The investors of Nexus Venture Partners, Sandeep Singhal and Anup Gupta had a strong believe in Sanghai and backed and mentored the company for over four and a half year. They closely worked with Netmagic in building business strategy, hiring good people, building a strong team and bringing talent on board, pan India expansion and acquiring good customers.

This is the fifth significant exit of Nexus Venture Partners in 18 months. OLX was acquired by Nasper, Dimdim by Salesforce, Clo9ud by Citrix. And most recently Red Hat acquired Gluster. Founded by successful entrepreneurs in India and Silicon Valley, Nexus Venture Partners is a venture capital fund with $320 million under management and an active portfolio of over 30 companies across technology, internet, media, consumer, business services and agri-business sectors.