According to a press statement, IT services firm Mindtree Ltd., based in Bangalore, India, will acquire Minneapolis-based Magnet 360, a Salesforce.com platinum consulting partner, for $50 million in cash, in a move to address the cloud-based services market.
The deal features an upfront payment of $37 million and an additional payout of up to $13 million over the next two years, reports VCCircle.
Magnet 360 specializes in multi-clouded solutions providing consulting services and implementation, primarily to media/entertainment, manufacturing and finance industries.
“This acquisition will strengthen our offerings in digitizing the value chain and building sense-and-respond systems,” Krishnakumar Natarajan, chief executive officer and managing director of Mindtree, said in the statement.
“Our expertise in Salesforce, combined with Mindtree’s strategic relationships with Global 2000 companies, will position us among the leading consulting, implementation and integration partners for Salesforce programs,” said Matt Meents, CEO of Magnet 360.
January 31, 2016 No Comments
Swiggy, a food ordering and delivery startup based out of Bangalore, India, raised $35 million in a Series C round of funding. The company attracted two new investors, New York-based venture capital firm Harmony Partners Ltd., and Singapore-headquartered venture capital firm RB Investments Pte. Ltd. Existing investors Norwest, SAIF and Accel were also among those who invested in this round.
VCCircle says Swiggy offers online food ordering service from restaurants in eight cities including Bangalore, Gurgaon, Hyderabad, Delhi, Mumbai and Pune. The company Website claims it has over 5,000 restaurants listed on its platform; its order count has grown over 20 times in the last few months; and its average delivery time is 36 minutes per order.
The online food ordering business in India is estimated to be worth around $9.4 billion, (Rs 6,000 crore,) growing at about 30 percent month-on-month, according to India Brand Equity Foundation.
Swiggy has raised funds at a time when other similar business models are laying off staff or shutting down businesses. It faces stiff competition from Zomato, which entered the food delivery business in April last year.
January 31, 2016 No Comments
Headquartered in Van Buren Township, Michigan, global automotive cockpit electronics supplier Visteon Corporation will acquire Bangalore-based AllGo Systems, a developer of embedded multimedia system solutions for global vehicle manufacturers. The deal is expected to close during the first quarter of 2016. Terms were not disclosed, reports WTOC.
“AllGo’s strong position in multimedia and smartphone connectivity software adds greater scale and depth to Visteon’s infotainment software capabilities,” said Sachin Lawande, Visteon president and CEO. “AllGo’s ready-to-use IP provides automotive manufacturers with a turnkey software-on-chip (SoC) solution to cost-effectively introduce smartphone and mobile applications from the vehicle’s audio head unit.”
“We are looking forward to joining Visteon at this exciting time in the company’s growth in the connected technology space,” said K. Srinivasan, director and CEO, AllGo Systems. “With our production-proven middleware and Visteon’s expertise in automotive infotainment solutions, the two companies have a strong strategic fit that will enable us to expand our global market share in the connected display radio market.”
January 17, 2016 No Comments
Iowa-based Rockwell Collins inaugurated a new, expanded facility in Bangalore, India. The opening is the result of the growing economy and aerospace industry which continues to present new opportunities for the company.
“The opening is a reflection of our commitment to India, as well as the increasing demand for services from our India Design Center in Hyderabad,” said Sunil Raina, managing director of Rockwell Collins India. This center is dedicated to product development for global markets and is a facility where Rockwell Collins’ engineering and IT teams to work collaboratively with their counterparts around the world to develop innovative solutions.
Rockwell Collins’ facility in Gurgaon, Haryana, near New Delhi houses the business development, program management, systems engineering and related support activities for net-enabled communications, navigation, surveillance, displays, sensors, simulation and training and integrated systems and subsystems for airborne, ground and maritime applications says Defense-Aerospace.
December 8, 2015 No Comments
On World Pneumonia Day, Royal Philips of Netherlands announced the release of a Children’s Automated Respiration Monitor, aimed to help improve the diagnosis and treatment of pneumonia in low-resource countries, potentially preventing many of the 935,000 childhood deaths caused by pneumonia each year reports FierceMedicalDevices.
This chest strap monitor converts movements that are detected by accelerometers into an accurate breath count using specific algorithms. While the device will enable caregivers to decide which patients are in immediate need of medical intervention for pneumonia, it will not be able to detect the specific pathogen causing the disease.
The Philips monitor was developed as part of collaboration between its corporate Innovation Hubs around the world including Nairobi, Kenya; Eindhoven, the Netherlands; and Bangalore, India.
December 5, 2015 No Comments