vMoksha founding partner exits

Valued at Rs 100 crore

vMoksha Technologies, an emerging IT solutions company, has roped in a UK company as its strategic investor.

vMoksha through this deal, has given exit to one of its co-founders, an NRI angel investor, who funded 50 per cent of the initial investment with IT industry veteran Pawan Kumar who is the current chairman and CEO of the company.

Pawan Kumar declined to comment on the deal. However it is learnt that the UK company has invested close to $11 million in vMoksha and around the same amount has been secured by the same NRI investor through his exit.

The exit valuation has been arrived at on the basis of the company's projected top line of $22 million (Rs 100 crore) for the current fiscal. vMoksha clocked revenues of $15.8 million last fiscal. Kumar started this IT outsourcing company after having worked for a string of high-profile IT companies including being the country head for IBM in India.

vMoksha with this deal is expected to get boosters for its market expansion programmes offering solutions to verticals such as banking, financial services and insurance, healthcare & pharmaceuticals, independant software vendors, manufacturing and retails services.

vMoksha focuses on offshore outsourcing of e-business related application software in areas of e-commerce, enterprise resource planning, supply chain, management, customer relationship management, business intelligence and enterprise portals.

The company works with customers such as PeopleSoft, S1 Corporation, IBM, Sun, Cisco, BOC Edwards, UCB, Wincor Nixdorf, Nextance, American Express and Unilever.

vMoksha currently has operations in US, Canada, Europe and Asia Pacific with offices in San Jose, New Jersey, London, Toronto, Singapore, with development centres in Bangalore, Pune and Singapore. vMoksha currently has around 1,000 professionals working for it and is also considering ramping up its BPO services rapidly.

In addition to these operations, the company also has incubated jadooWorks, an animation and digital content company, besides vFortress which focuses on products for application security market.