| iLabs Private equity fund, a $300 million India-centric fund promoted by former COO of Satyam Computer Systems Srini Raju, has invested Rs 42 crore (over $10 million) in VSoft Corp. VSoft executives were, however, not available for comments. |
| VSoft is a global information technology and solutions provider of cheque imaging and data management software. |
| Founded by former consultants with Unisys, VSoft has expertise in the financial services industry and has a reputation for providing cost-effective, functional technology and services. VSoft started operations in 1996, and is based in Atlanta, US. The offshore development center at Hyderabad was set up in 2004. |
| With over 300 customers in the banking and financial sectors, and over 3000 installation sites across the globe for its fourth generation cheque truncation products, VSoft is a leading player in the image-enabled financial solutions business. At present, over 400 financial institutions in the US are using VSoft’s exchange technology. |
| VSoft plans to beef up operations in India for development and also increase its presence in West Asia and Asia-Pacific. |
| iLabs has established a strong reputation, based on it expertise in sourcing compelling investment opportunities and enabling portfolio companies, to scale up their business. iLabs investment size typically ranges from $5 million to $20 million, however, it has the ability to lead larger transaction through a proven network of syndicate partners. |
| The fund has investments in over 15 businesses, including Sify, DQ Entertainment, Cibernet, and Megasoft. |
Source : Business Standard