US$ 5.7mn to fuel Agile FT’s growth and expansion plans
Middle East, 2ndMay,2011:Indian BFSI software products company, Agile Financial Technologies (www.agile-ft.com), announces the successful completion of its US$ 5.7mn Series A financing, led by IDG Ventures India (IDGVI). This funding will enable Agile Financial Technologies (Agile FT) to surge ahead with its organic and inorganic growth plans and expansion into new markets.
With a rapidly growing footprint in emerging and frontier markets in the Middle East, Africa and Asia, Agile FT has now embarked on its next level of expansion with an enhanced range of pioneering software products especially in the space of Investment Management, Lending Management, Microfinance and Insurance.
Agile FT’sstrategy has been successful in deliveringits products and services to a growing customer community of leading institutions, leveraging its channel presence across 20 countries.
IDG Ventures India, a US$150 Million technology venture capital fund,helps build category-leading companies from India for the Indian and global markets. T.C.Meenakshisundaram and Hemir Doshi of IDGVI will be joining the board of Agile FT.
Kalpesh Desai, founder &CEO of Agile Financial Technologies, says, “We are extremely proud to partner with IDG Ventures India. From the outset, the IDGVI team has demonstrated an enabling spirit, a keen desire to contribute to our vision and a deep understanding of our business – a rare combination in a financial partner.”
T C Meenakshisundaram, Founder & Managing Directorof IDG Ventures India, commented, “The way forward for the Indian IT industry is to move up the value chain and offer home-grown software products for global consumption. We chose to invest in Agile FT given its industry leading team, clear product focus, growing customer base and proven ability to deliver growth far ahead of its peer group of product companies. These are the hallmarks of a market leader andAgile FT has the potential to become a significant player in the BFSI technologies landscape.”
Kalpesh Desai adds, “There are nearly 5,000 BFSI institutions across the regions we cover presently, namely emerging Central & Eastern Europe, India, Asia-Pacific, M.E. & Africa. This represents a multi-billion dollar opportunity with double-digit annual growth. The Agile FT team is well on its way to fulfill itsvision of becoming a market leader in the BFSI software product space.”
About Agile Financial Technologies (www.agile-ft.com)
Agile Financial Technologies is an emerging leader in the provisioning of software products and services to the Banking, Financial Services and Insurance (BFSI) space. Agile FT has built an enviable software product portfolio that focuses on niche areas of investment management, lending, microfinance and insurance.With a channel presence across 20 countries in Europe, Middle East, Africa and Asia, Agile FT services its customer community by providing local support through its channel partners.
About IDG Ventures India (www.idgvcindia.com)
IDG Ventures India is a US$150 Million early-stage venture capital fund investing in technology-related product and services companies. The fund is part of IDG Ventures, a global network of technology venture funds with over $3.7 billion under management, over 220 investee companies and 10 offices across Asia and North America. IDG Ventures makes investments on behalf of its Limited Partners, including its principal investor and sponsor, International Data Group (IDG), the world’s largest IT media company. By combining the IDG platform – an unparalleled combination of global publishing, market research (IDC), and conferences and exhibition resources – with years of hands-on experience in early-stage company building, IDG Ventures helps its investee companies understand their markets better and penetrate them faster than their competition.
Leading technology companies that IDG Ventures has invested in include BabyCenter, F5 Networks, Netscape, Service Metrics and VA Linux in North America and Baidu, Ctrip, Sohu, Tencent and VinaGame in Asia.