Induslogic receives Series B funding of 12.5 mn USD
Bangalore Apr 5: WestBridge Capital Partners today announced that it had led a 12.5 million US Dollars Series B round in Induslogic, a leading global provider of outsourced product development services.
Induslogic would use the cash infusion to expand ongoing marketing and sales initiatives, as well as support its merger and acquisition activities and bolster its presence as a global provider of product development services to software product companies, a company release here said.
WestBridge Capital Partners, India's leading venture capital fund with nearly 350 million Dollars under management, led the up round with a new investment by New Enterprise Associates (NEA) and participation from the mid-Atlantic arm of Draper Fisher Jurvetson, Draper Atlantic, Induslogic's lead investor in the company's Series A round.
Induslogic was a partner to many of the world's emerging technology leaders, helping bring products to market in less time and at less cost. The company had developed a unique model of partnering with technology companies to create a dedicated virtual extension of their team offshore.
Induslogic was also a pioneer of distributed agile methods that shorten product cycles, while ensuring that right features got implemented and assembled a comprehensive best-of-breed platform that provided extreme visibility into the remote team's activities and automated many routine activities, the release said.
Headquartered in the US, Induslogic had two facilities in India, and over 1,000 professionals worldwide. The company ensured a long term, value-driven relationship by providing access to its exceptionally-skilled talent pool and engineering resources.
Induslogic CEO Peter Harrison, in the release, said that based on the Company's success it would bolster its presence in India with with newly-acquired services and expertise. ''As we grow our operations in India, we are excited to benefit from WestBridge's expertise in technology enabled outsourcing in general and in India in particular,'' he added.
Founded in 1998, Induslogic works with companies such as AOL, Gemalto and IBM and had developed and delivered more than 200 product releases within the last 12 months. Earlier this year, the company was named to the Global Services 100, a ranking of offshore outsourcing service providers based on leadership, innovation and outstanding performance.