Lifetree raises growth fund from IFC

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New Delhi: Delhi based telecom software and billing solutions company, Lifetree Convergence has raised a growth funding from the World Bank's private equity arm International Finance Corporation (IFC). The capital would be used by the software firm for inorganic initiatives. The amount received by the company is undisclosed, however, a 2007 project report of IFC showed that the PE entity was invited to invest up to $20 million of a total funding requirement of $60 million. The deal took place with Avendus Capital, being the exclusive financial advisor to the firm. Lifetree was acquired by Finnish telecom company Tecnomen for a cash and stock consideration of 33.2 million euro in August 2008. The operational support systems (OSS) and business support systems (BSS) software space, in which Lifetree is present, is a $29 billion opportunity, and is expected to grow at eight percent year on year. Among them, the convergent solutions are expected to grow by 30 percent a year. Emerging markets are expected to contribute over 50 percent of the projected growth in this domain, a statement said.

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