Carlyle Group invests USD 10.3 mn in Elitecore Technologies

Mumbai, June 19 (UNI) Global private equity firm, the Carlyle Group, has invested USD 10.3 million in Ahmedabad-based Elitecore Technologies.

Elitecore is an IT company focusing on the fast growing Internet security and convergent billing solutions markets. The funds will be used for Elitecore's ongoing product development, research and development, working capital, new products, and infrastructure build-up.

The investment will come from Carlyle Asia Growth Capital Partners, a USD 680 million fund that invests in high growth companies in China, India, Japan and Korea.

Mr Shankar Narayanan, Managing Director and Head of Carlyle's Growth Capital team in India, said, '' Elitecore is a perfect example of a company that has successfully leveraged the low cost, highly skilled Indian talent to develop a superior quality product that allows them to compete with players from the developed world. We are delighted to make a significant investment in Elitecore, which is poised for exponential growth.'' Mr Wayne Tsou, Managing Director and Head of Carlyle's Asia Growth Capital group, said, ''Elitecore has built a strong position in its home market, leveraging its unique product characteristics and local knowledge.'' UNI