FutureSoft Receives Investment from IIML and Intel Capital.Business Editors/High-Tech Writers SAN JOSE, Calif.--(BUSINESS WIRE)--June 19, 2003 FutureSoft, a leading provider of communications and embedded software solutions, today announced that it has received a strategic investment from IL&FS Investment Managers Limited (IIML IIML Indian Institute of Management, Lucknow IIML Integrated Information Management Laboratory ) and Intel Capital that will enable it to realize its business expansion plans. IIML and Intel Capital will together invest approximately Rs 19 crores in the company. FutureSoft will invest a major portion of the capital in building complete communication solutions to be licensed to original design manufacturers (ODMs) and original equipment manufacturers (OEMs). The company sees the scaling up of its IP business as its growth strategy. FutureSoft intends developing 'full systems products', complete with hardware design, in order to emerge as a 'total solutions company'. In addition, FutureSoft will be upgrading its R&D equipment, testing equipment and laboratories. The company's business strategy is to tie up with OEMs that have market reach while FutureSoft focuses on developing software and designing hardware. On the sales and marketing front, FutureSoft plans include opening new offices and augmenting its channel partners. "We are delighted to receive this investment from IIML and Intel Capital," said KV Ramani, Founder, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FutureSoft. "The investment is particularly timely, as it will help us gear up sufficiently to capitalize on the emerging opportunities as the market turnaround happens. International companies in the communication space are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. proven technology, working products and reduction in time to market and cost to compete in the current marketplace. We will focus our growth strategy at this segment." Commenting on the investment, Muneesh Chawla, Managing Director, at IIML, the private equity investment arm of IL&FS Group, said, "We are investing in FutureSoft because of its technology depth, range of product offerings and its IP focus. The company is poised for aggressive growth and we are extremely excited about its prospects and plans." "Software plays a key role in enabling networks and ensuring the smooth and fast flow of data," said Dr. Kumar Shiralagi, Managing Director of Intel Capital India. "Intel Capital supports companies like FutureSoft, who are continually developing new communications software that ensures reliable and speedy data delivery." About FutureSoft: FutureSoft, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certified, SEI-CMM-Level 5 company, is a leading provider of communications software solutions, protocol stacks and services to the global communications industry in areas like IP Switching/Routing, Broadband Access, Wireless and Wireline applications. The company also offers a range of embedded software solutions and services that span across multiple domains including communications, networking, process control, telematics and mobile applications. The company has wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in US and UK, besides distributors, for addressing the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , European and Asian markets. For more information, please visit www.futsoft.com. About Intel Capital Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel's strategic interests. For more information, visit www.intel.com/capital. About IL &FS Investment Managers Limited: IL &FS Investment Managers Limited (IIML) is a prominent private equity fund manager in India (Managing approximately US$150 million on behalf of leading Indian and International institutions or INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.3 billion). The principle funds managed by IIML include: the AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group India Sectoral Equity Fund, the SARA Sara or Sarah, in the Bible, wife of Abraham and mother of Isaac. With Rebekah, Rachel, and Leah, she was one of the four Hebrew matriarchs. Her name was originally Sarai [Heb.,=princess]. fund, the Indian Auto Ancillary Fund, the India Project Development Fund and the Tamilnadu Infotech Fund. IIML is a listed company, with several public shareholders. Apart from IL&FS, the other institutional shareholders are Bank of India This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Asian Development Bank Asian Development Bank A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. and International Finance Corporation. For more information, visit www.ivcindia.com. |
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