Iteamic a Bangalore-based software services company focussed on providing software solutions in the Financial Services, Banking and Insurance segments, recently secured funding from Canbank Venture Capital Fund Ltd, India, for an undisclosed stake, to propel its next level of growth. This is the company’s first infusion of external funding.
The funding from Canbank will accelerate Iteamic’s expansion plans and augment its infrastructure, R&D and sales and marketing initiatives.
Iteamic founder and CEO Raghurama Kote said: “After a significant amount of interest shown by various investors we are delighted to be partnering with Canbank Ventures and with this new partnership we have the collective experience to sustain and grow our market share and augment our global penetration. We will aggressively further innovations by enhancing the current range of our service offerings.”
Iteamic provides compelling solutions to meet business challenges through consultative services spanning - application management solutions, product collaborative development and dedicated offshore development centers for global clients. “In the curent scenario, focussing on niche segments is the way for small and medium enterprises. Our advantage is that we understand their language and can, hence, provide better solutions,” Mr Kote pointed out.
On partnering with Iteamic, Mr.N.Ramani, Managing Director Canbank Ventures said, “We have been very impressed with Iteamic’s team and the rate at which they have been growing. With their core domain expertise coupled with their service offerings, Iteamic could become one of the most valuable companies in the very near future. Canbank Ventures is excited to be a partner in Iteamic's continued growth and looks forward to assist them to become pioneers in this segment globally”.
Canbank Venture Capital Fund Ltd is a wholly owned subsidiary of Canara Bank and is among the earliest Venture Capital Fund management companies in India. Canbank Ventures currently manages four funds.
Iteamic
