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.
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.