Press Release Author: Rivka Tadjer/ MRB Public Relations, Inc.
Industry: Telecommunications
Press Release Summary: Connectiva Systems has just secured $17M in Financing, which will help support strong growth and extend market leadership for the revenue and risk management solutions provider for the telecommunications industry.
Press Release Body: New York, NY - September 23, 2008 - Connectiva Systems Inc., a leading provider of revenue and risk management solutions for the telecommunications industry, today announced the completion of a $17 million round of investment led by NEA - IndoUS Ventures, IFC, a member of the World Bank Group, and SAP Ventures, a division of SAP AG. Returning investor Ovation Capital also participated in the round.
“Revenue and Risk Management is a growing need of communication service providers worldwide," said Avi Basu, CEO of Connectiva Systems. "Telecom companies lose billions of dollars annually due to revenue leakage and other risk factors, and Connectiva plays a central role in helping recover this revenue. Our ability to dramatically boost our customers' financial performance helped us to secure financing from some of the smartest investors globally. We are delighted to welcome these new institutional investors, as they each bring unique advantages that will help us extend our global leadership and reach."
Connectiva’s position as a stellar example of India’s evolving technology industry is in part what attracted investors to the company. The investment round was led by NEA-IndoUS Ventures, a top-tier venture capital firm based in Silicon Valley and India. “Connectiva is a strong fit for our portfolio, with proven and differentiated technology, rapidly growing revenue, and a unique business model that leverages the strengths of India,” said Vinod Dham, Managing Director of NEA-IndoUS Ventures. “Connectiva has generated significant customer and partner traction in a fast-growing market and the company has the right team in place. It has brought technology talent on board from around the world, as well as from premier institutions like the Indian Statistical Institute (ISI) and the Indian Institute of Technology (IIT)."
Mr. Dham, popularly acknowledged as the "Father of the Pentium" processor, was named one of the top 25 executives in the computer industry in America and one of the top 100 most influential Asian Americans of the decade.
Connectiva's positioning resonated with the IFC, a leading investor in telecom companies across emerging markets. "Connectiva has had great success supporting international telecom operators with advanced business models for revenue management products. IFC is committed to support Connectiva to fully realize its growth potential," said Mohsen A. Khalil, IFC Director for Global Information and Communication Technologies. "IFC is pleased to be associated with a market-leading software company with research, development and service operations based in Kolkata, one of the emerging IT centers in India. We hope that Connectiva's success will spur more entrepreneurial endeavors in that region, leading to further development of the local IT industry and creation of additional highly skilled jobs."
Headquartered in New York, Connectiva has offices globally and employs over 300 people at its Global Innovation Center in Kolkata, India. According to Mr. Basu, “Connectiva does far more than mere labor arbitrage in India – we develop the very core of our intellectual property there. The Indian IT industry is growing up, and we are proud to be an example of how it can be done." According to Mr. Basu, the company’s revenues have doubled annually for the past several years, and its Kolkata-based work force has grown from 50 people three years ago.
The funding round was joined by strategic investor SAP Ventures, the investment arm of enterprise software company SAP AG. SAP Ventures evaluated numerous companies in the telecom analytics market before deciding to invest in Connectiva. "SAP Ventures typically evaluates multiple companies focused on a particular market segment on a global basis before deciding to invest in a particular company,” said Jai Das, partner at SAP Ventures. “Our decision to invest in Connectiva was based on its superior technology and customer traction. We are looking forward to working closely with Connectiva's team and helping it become a global powerhouse."
Returning investor Ovation Capital, a New York based investment fund, also joined the investment round. " As such a transnational firm, Connectiva has been able to tap into emerging market telecoms, where subscriber bases are vast and fast growing, as well as into mature telecom markets,” said Greg Frank, Managing Partner of Ovation Capital. “It has repeatedly shown an ability to adapt to an evolving, competitive marketplace and to focus where it matters. Connectiva's detailed attention to its customers' needs, its tested and superior technology, and its people's energy and innovativeness have been validated by this equity round. We anticipate Connectiva solidifying its lead in the evolving revenue and risk management markets."
Connectiva Systems' projects have been recognized by numerous industry awards, including the prestigious World Billing Award for "Best Revenue Assurance Project". Connectiva has implemented the largest revenue assurance projects worldwide. Its system processes over four billion call data records per day - far exceeding any other company in the industry.
Vinod Dham, Managing Director of NEA-IndoUS Ventures and Pravan Malhotra, Senior Investment Officer with IFC's Global Information and Communications Department, will join Connectiva's board of directors with immediate effect.
About Connectiva Systems Connectiva Systems makes revenue and risk management software that enables telecom operators to get more performance and productivity from their existing infrastructure. Connectiva's award-winning integrated product suite has solutions for revenue assurance, fraud management, credit risk, and analytics, which can be either deployed independently or in tandem. Operators who have partnered with Connectiva to recover over half a billion dollars in revenue include Bharti Airtel, the Zain Group, Wataniya Telecom, Tunisiana, BSNL, Etisalat, Cable & Wireless, and others. Headquartered in New York, Connectiva has offices worldwide, with more than 300 people in its Global Innovation Center in Kolkata, and significant presence in New Delhi, Kuwait City, London, Singapore and Mexico City. For more information, visit www.connectivasystems.com.
About NEA - IndoUS Ventures NEA - IndoUS Ventures is a venture capital firm based out of Bangalore, India and Silicon Valley US. The firm is dedicated to creating technology and technology enabled innovative companies out of India that serve both the Indian and the global markets. The firm's partners have the unique experience and expertise to nurture entrepreneurs and actively help the development and scaling of promising companies. In addition, a significant partner in this fund is New Enterprise Associates (NEA) who is a sponsor and active advisor. This network of collective relationships and experience is an invaluable asset to entrepreneurs and portfolio companies. For additional information, visit www.neaiuv.com
About IFC IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
About Ovation Capital Ovation Capital is a New York based investment firm with venture capital and quantitative trading programs. Our venture capital program targets investments in technology companies with competitive offerings in growing markets. The most important criterion in our investments is the quality of management - we partner with energetic, articulate, competitive people with a clear vision and a proven ability to lead. For more information, visit www.ovationcapital.com.
About SAP Ventures SAP Ventures invests in innovative and disruptive software and services companies globally. We pursue opportunities across all stages for outstanding financial return. Our goal is to bring substantial benefit to all parties by facilitating interaction between portfolio companies and SAP and its ecosystem of customers and partners. SAP Ventures has a successful track record of building industry-leading companies by partnering with outstanding entrepreneurs and top-tier venture capital firms since 1996. For more information, visit www.sapventures.com.
SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. All other product and service names mentioned are the trademarks of their respective companies.
SAP Forward-looking Statement Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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FOR IMMEDIATE RELEASE CONTACTS: Rivka Tadjer MRB Public Relations, Inc. 1-845-679-3338 rtadjer@mrb-pr.com Vivek Kumar (India) Adfactors Public Relations 91-11-4056 5156 Vivek@adfactorspr.com
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Contact Details: Rivka Tadjer MRB Public Relations, Inc. 1-845-679-3338 rtadjer@mrb-pr.com Vivek Kumar (India) Adfactors Public Relations 91-11-4056 5156 Vivek@adfactorspr.com
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