Euclid to invest $4.5 m for M&As in India

Plans to invest a major portion of the funds raised for its development center in Hyderabad and expand SI implementation partnerships.

BANGALORE: Euclid Inc., provider of business-centric IT management software that aligns IT services with business goals of Global 2000 companies, has announced that it has raised another $4.5 million over and above the $ eight million financing closed in October 2003. Euclid plans to invest a significant part of the new funds into its product development center in Hyderabad and to expand SI implementation partnerships in India. According to the company, the latest round of financing brings the total investments received by Euclid to $38 million.

The funding was led by new investor BlueStream Ventures and also included existing investors Raza Ventures and Redwood Ventures. Co-founder of BlueStream Ventures Raj Gollamudi will join Euclid's Board of Directors.

"The latest round of financing brings the total investments received since October 2003 to $12.5 million. A significant part of this money would be invested in our product development center in Hyderabad and to tie up with SI implementation partners in India who would sell and implement our CIO dashboard solutions to their wide enterprise customer base. India will continue to play a pivotal role in the growth of Euclid," said Euclid Inc. co-founder and VP of business development and corporate strategy Sateesh Andra.

(CyberMedia News Service)