NVP invests Rs. 20 crore in Appnomic Systems

BANGALORE, INDIA: Appnomic Systems, a provider in infrastructure management services, announced on Wednesday that it has secured Rs.20 crore from Norwest Venture Partners(NVP), a global venture capital firm.

Appnomic Systems will use this funding to strengthen its existing market presence, expand into the U.S. market and further build out its innovative product and service offerings, said a press release.

As part of the investment, Promod Haque, managing partner, NVP, will join Appnomic’s board of directors. This NVP-led investment is the first institutional round of funding for Appnomic, and NVP’s third major investment in the rapidly growing next-generation services sector in India.

“The managed services market is already a mature industry, however the offshoring of infrastructure management services (IMS) to India is still in its infancy,” said Promod Haque, NVP.

“The market opportunity for IMS in India is predicted to be as large as the application development and management (ADM) sector, and it is regarded as the ‘third wave of outsourcing’ (after ADM and BPO/KPO),” he added.

Appnomic simplifies the complexities of managing IT by offering large and mid-size companies with highly automated technology, intelligent analysis and process method, said the release.

“The demand for highly automated, infrastructure management services is on the rise, and the timing of this financing couldn’t be better as we expand our company and offerings and address this rapidly expanding market,” said D Padmanabhan, MD and CEO of Appnomic Systems.