Netmagic to invest Rs 100 Cr in 2008 on expansion

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Bangalore, Feb 12 (UNI) Netmagic Solutions, country's leading carrier neutral managed IT services provider, will invest Rs 100 crore in 2008 for major expansion, Company founder and Chief Executive Officer Sharad Sanghi said today.

Disclosing this at a press conference here, he said that expansion would be taken up in branding, doubling Data Centre to eight from the present four and on Research and Development.

He said that Netmagic had acquired Rs 80 Crore in private equity funding by Indian proprietary venture and growth capital arm of Fidelity International Limited and Nexus India Capital, India's leading Venture Capital firm.

He said that the fund would be utilised to accelerate business growth and expand footprint in the domestic and international markets and build a nationwide network of data centres. At present, the company has overseas operation in USA and Europe.

Mr Sanghi said that the company had been registering 70 per cent growth year on year basis since last four years and this year it was expected to achieve 100 per cent.

UNI MSP RM HVB1302

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