Sasken-IDG Ventures tie up to launch ConnectM Tech Solutions

Bangalore, June 27 (UNI) Leading embedded communications solutions provider Sasken Communications Technologies Ltd and IDG Ventures India, an US Dollar 150 million technology venture capital fund, today announced the launch of ConnectM Technology Solutions Pvt Ltd for providing Machine to Machine (M2M) enabled solutions to global markets.

Commenting on the joint initiative, Sasken Chairman and CEO Rajiv Mody said in a release here through ConnectM that Sasken would leverage its expertise to address corporate customers in Transportation, Utilities, Industrial and Enterprise markets.

ConnectM would provide one more axis of growth for Sasken, he added.

Commenting on the new venture, Mr Sudhir Sethi, Vice-Chairman and Managing Director, IDG Ventures India, said the ConnectM spin out was the result of a true collaborative partnership between Sasken and IDG Ventures India. ''ConnectM is a niche player in the growing remote diagnostic and monitoring market and is well positioned to lead in this space.ConnectM will enable clients to benefit from increased availability through remote after market applications, enabling predictive maintenance powered by M2M''.

The addressable market was expected to scale to US Dollar 13 billion by 2010. ConnectM's vertical industry segments include Transportation, Utilities, Industrial, Enterprise and segments enabled by M2M. Specifically within transportation, ConnectM addressed the aerospace, automobiles and railroad markets.

ConnectM's service offerings range from fleet management, telematics, remote asset management, energy usage optimisation, pilferages and theft tracking, to after market services and remote monitoring.

UNI