Bangalore, June 14, 2004
IANS

Leading IT solutions provider Infinite Computer Solutions (ICS) has raised $6 million from Singapore to fund its expansion plans.

The Bangalore-based ICS, promoted and funded by non-resident Indian (NRI) angel investors and techies from the US, will utilize the funds from WhiteRock Partners to pursue its global expansion plans, the company said.

With a strategic stake in ICS, WhiteRock will have a representation on the company's board. Both the partners, however, declined to reveal their holding pattern after the first round.

"Though we are comfortable with our cash flows and sound financials, the new funds will be utilized for expanding our presence globally through organic as well as inorganic growth.

"In partnership with WhiteRock, we have initiated discussions with a few players in the industry for mergers and acquisitions.

"We are targeting some verticals, including the banking and financial services and a business process outsourcing (BPO) unit in the telecom domain for progressive growth," declared ICS CEO Sanjay Govil here Monday.

Rated as one of Nasscom's top 20 Indian IT service firms, ICS plans to ramp up its global operations by increasing its headcount to 2,000 by the end of fiscal 2004-05 from the existing 1,400.

The company has about 700 engineers in the US for onsite work.

As part of its geographic expansion plan, the company has set up wholly owned subsidiaries at Shanghai and London.