iCelerate raises $11.08 m. from funding

By : |May 25, 2001 0

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

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

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