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AVAsoft Inc gets $2 mn from Soma Technologies

Company says the fund would be used for future growth

BS Reporter  |  Chennai 

AVAsoft Inc, a business apps and solutions developer focusing on Microsoft products and platforms, has raised $2 million from Soma Technologies, a part of the Soma Group. The fund would be used for future growth, said company sources.

AVAsoft Inc expects to clock a turnover of $7 million by the end of this fiscal and $12 million in the next financial year, leveraging the increasing opportunities of Microsoft Office platform among the in India.

"With most small and medium enterprises moving into Microsoft Office 365 for their needs, the cloud app market space is estimated to bring in revenues of up to $2 billion per year for Microsoft and predicted to grow by more than 40 per cent this year," said Radhakrishnan, CEO, AVA Soft Inc.

Muyeen Munaver, director, Soma Tech, said, the critical factor for investing in AVAsoft was its strength in product development and turnkey project delivery.

First Published: Thu, May 29 2014. 20:28 IST