NetMagic acquires Rs 80 crores in private equity funding

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Mumbai, Feb 12 (UNI) NetMagic, India's leading carrier-neutral managed IT services provider, as part of its Rs 100 crore expansion plan, today announced that it has acquired Rs 80 crore in private equity funding.

This funding was led by the Indian proprietary venture, growth capital arm of Fidelity International Limited (FIL) and Nexus India Capital. NetMagic will use the proceeds of this financing to accelerate business growth, expand its footprints in the domestic and international markets and build a nationwide network of data centers.

NetMagic has established a very strong presence in the financial services, telecom, online media and manufacturing verticals, and its wide array of high quality services and a strong customer base gives the company its competitive edge.

''This financing demonstrates our investor's confidence in our management team, our strategy and our roadmap,'' NetMagic Solutions Chief Executive Officer and Managing Director Sharad Sanghi said.

''Over the last few years, we have built a bluechip client base in the financial, telecom and online trading and travel sectors. This is the right time to invest more aggressively and scale our business to the next level and roll out new locations and services in 2008,'' he added.

Meanwhile, Sandeep Singhal from Nexus India Capital stated, ''This investment reaffirms our commitment to invest in innovative high growth companies in India. With a stronger balance sheet and its unique positioning, NetMagic will emerge as a global provider of choice for critical applications in the outsourced data center and remote infrastructure management space,'' he added.

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