SAIF invests $22.5m in Cybernet

NEW DELHI: SB Asia Infrastructure Fund (SAIF) Partners, a private equity fund focused on APAC, today announced that it has invested $22.5 million in Cybernet Software Systems (CSS).

SAIF Partners has picked up an equity stake in CSS and would also be offered a position on the CSS Board.

With this investment, the fund has increased it India client portfolio to six companies, with other being Intelligroup, IL&FS Investsmart, Makemytrip.com, sify.com and VisualSoft Technologies. SAIF Partners has identified technology, media and entertainment, financial services and telecom as sectors of interest in India.

SAIF Partners general partner and India operations head Ravi Adusumalli said, “One of our strategic aim is to foster innovation and we are looking to invest in growth stage companies with strong management tams that are fiscally responsible. This year we plan to invest in around three-four companies in India. We have invested around $100 million till now in India and plan to invest $100 million - $200 million over the next two years — three years in India.”

CSS group CFO Sundaram Sivaramakrishnan said, “CSS has a vision of building the world's largest support and technology adoption company. Tie ups like these will allow us to access and leverage their network to strengthen our sales, marketing and M&A plans.”

CSS provides services across all stages of software development lifecycle (SDLC) and currently employs over 3,000 IT professionals.