Carlyle invests $6 m in QuEST
Wednesday, 01 October 2003, 19:30 IST
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BANGALORE: Global private equity firm The Carlyle Group is investing $6 million in Quality Engineering and Software Technologies LLC (QuEST), a leading provider of engineering solutions for advanced technology products in the aerospace, automotive and power generation, oil & gas, and industrial product domains. According to Economic Times, a business daily in India, the funds will be used to grow QuEST’s infrastructure and facilities in the US and India as part of its ongoing global expansion plan and support the company’s acquisition strategy. This venture capital investment came from Carlyle Asia Venture Partners II, a $170 million fund that invests in technology companies in Asia and India. Ajit Prabhu, founder and CEO of QuEST said, “we welcome this strategic investment from The Carlyle Group in this tough investment environment. This funding will be used to strengthen our global team and better serve our existing customers. Our customers are looking at broadening the scope of work to include design and build, and we are expanding our operations in China to cater to their needs.” Tony Jansz, managing director of Carlyle Asia Venture Partners said, “QuEST is already profitable and exhibits the kind of return potential our investors seek. QuEST has a superb management team in Ajit and Aravind and we look forward to helping them achieve their full potential. Nirvana to set up office: Nirvana Business Solutions (NBS) announced the setting up of its office here with an initial funding of $6 million from VCs and investors.NBS will provide finance, accounting and transaction processing software services as well as set up a tech and IT helpdesk. Raj Kondur, CEO, Nirvana Business Solutions, told reporters that the new funding will support the company’s rapid growth. “We spent over a year in building a strong team, proprietary processes and technology platforms before even talking to customers. We are confident that our patient approach to building a strong foundation and our unique platform can deliver unprecedented quality at scale,” explained Kondur. The company is also in discussion with several global investors to raise an institutional round of funding early next year. According to Charles Haven, president, NBS said, “Our strategy is to combine standards setting global capability in each of our four areas with the superior operating capability out from here. We believe we are in a position to deliver global best practices at off shore prices.” (Source: Economic Times)
Source: IANS
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