iCelerate raises $11.08 m. from funding

PUNE: The Pune-based iCelerate has announced that it has successfully closed

its $11.08 million-series ‘B’ round of funding. iCelerate, a global

application, integration and management services firm leverages advanced

technologies, managed services and proprietary methodologies to help its

customers build long-term, sustainable competitive advantages in their

respective fields.

The firm, with operations in the US, UK and India, will use this investment

to augment its growth with strategic investments and partnerships designed to

fuel its expansion within existing and new vertical markets.

"With this round of financing, we are well poised to execute our growth

plan and continue to empower our clients technically, freeing them to pursue new

markets, create new partnerships, invent new products, enter new fields and

deepen their existing businesses," stated the firm’s CEO and founder Arun

Tolani.

Investors in this round included e4e, Inc., GIV and two private investors.

iCelerate also announced its board of directors will now include Ashok

Narasimhan, Chairman of the Board; Somshankar Das and Dr. Sridhar Mitta of e4e;

Bruce Robertson of GIV and Tolani.

Speaking on the occasion, e4e Labs director Dr Sridhar Mitta said, "As a

technology firm focused on building a dozen new generation service companies

over the next three years, we are very selective about the entrepreneur team we

choose to co-entrepreneur with".

"Despite the US economic downturn, iCelerate has successfully closed a

significant, up-round of funding due to its strategic value proposition, strong

management team, Fortune 500 customer base, and multi-shore development

capability," said iCelerate's CFO and vice president (finance), Leslie Ann

Horton.