GCI receives equity funding of $30 million

Mumbai, May 4: IT services and solutions major, Global Consultants, Inc. (GCI), has received a USD 30 million funding from multi-stage investing venture capital firm, Oak Investment Partners in return for a minority stake in the former, a release here today said.

GCI is fine-tuning plans to acquire strategic offshore and service-oriented technology companies with specific domain or service expertise besides expanding its existing offshore delivery capacity and service capabilities in India and will use the proceeds from this funding to fuel its growth plans.

The USD 200 million company is also formulating plans to expand its global footprint and highly-specialised service platform in Brazil and China, the release said, adding that its other plans include strengthening its existing presence and global development centres in Europe and the US.

GCI also plans to augment its employee base from the present 3,000 to over 7,500 over the next three years.

GCI Chairman and CEO Hiten Patel said, ''we decided to partner with Oak because of its tremendous track-record of helping portfolio companies plan and execute aggressive growth strategies.'' GCI's BestShore global engagement model helps leverage capacity, capabilities, competitive pricing and competencies across geographies to improve delivery and predictability, resulting in greater customer satisfaction and loyalty.

''These services are delivered through a unique combination of company-owned frameworks and intellectual property as well as value-added service models and thought leadership,'' said Mr Patel adding, ''this has helped us retain and grow our client relationships over the years.''

UNI