iLabs invests Rs 42 cr in VSoft

iLabs Private equity fund, a $300 million India-centric fund promoted by former COO of Satyam Computer Systems Srini Raju, has invested Rs 42 crore (over $10 million) in VSoft Corp. VSoft executives were, however, not available for comments.

VSoft is a global information technology and solutions provider of cheque imaging and data management software.

Founded by former consultants with Unisys, VSoft has expertise in the financial services industry and has a reputation for providing cost-effective, functional technology and services. VSoft started operations in 1996, and is based in Atlanta, US. The offshore development center at Hyderabad was set up in 2004.

With over 300 customers in the banking and financial sectors, and over 3000 installation sites across the globe for its fourth generation cheque truncation products, VSoft is a leading player in the image-enabled financial solutions business. At present, over 400 financial institutions in the US are using VSoft's exchange technology.

VSoft plans to beef up operations in India for development and also increase its presence in West Asia and Asia-Pacific.

iLabs has established a strong reputation, based on it expertise in sourcing compelling investment opportunities and enabling portfolio companies, to scale up their business. iLabs investment size typically ranges from $5 million to $20 million, however, it has the ability to lead larger transaction through a proven network of syndicate partners.

The fund has investments in over 15 businesses, including Sify, DQ Entertainment, Cibernet, and Megasoft.