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Intel invests in RiteChoice

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CIOL Bureau
New Update

BANGALORE, September 16 : Intel Pacific Inc has picked up between 20-25

per cent equity stake in Chennai-based software firm RiteChoice

Technologies Pvt Ltd, a provider of enterprise solutions for stock

brokerage houses in India. This is the first time that then company has

received any kind of external financing.

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When contacted, the spokesperson for RiteChoice Technologies declined

to divulge the size of investment made by Intel in the company, but said

fresh equity had been issued by the promoters of RiteChoice to Intel at a

premium. The Intel investment will be used to extend the present product

range, as well as to consolidate RiteChoice's marketing and support

infrastructure in Mumbai, according to the company statement.

According to market sources, Intel was investing about Rs 1.8 crore to

pick up equity.``The Intel investment helps us position ourselves to ride

the current market wave for stock brokerage solutions through pumping in

money to strengthen our presence in key geographic locations,'' said the

RiteChoice Chief Executive, Mr. S. Rangarajan.

RiteChoice has implemented back-office clearing and settlement systems

for the Madras stock exchange as well as recently set up interconnected

stock exchaneg at Vashi in Navi Mumbai.

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