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2013-01-23

Fulcrum Venture invests 8 crore in Congruent Solutions

SME investor, Fulcrum Venture India, today announced an investment of Rs 8 crore in Congruent Solutions Pvt Ltd, which provides a host of retirement administration and technology development services to various companies in the US, UK and Singapore.

SME investor, Fulcrum Venture India, today announced an investment of Rs 8 crore in Congruent Solutions Pvt Ltd, which provides a host of retirement administration and technology development services to various companies in the US, UK and Singapore.

As part of the deal structure Fulcrum Venture India will hold a 20 percent stake on a post money valuation of Rs 40 crore. As an integral part of this deal, Fulcrum will have board representation and board advisor roles. The company will use the proceeds to expand its thriving services business and commence commercialisation of COREDC, its proprietary state-of-the-art Record Keeping System (“RKS”).

At the occasion, Krishna Ramanathan, Founder-Partner, Fulcrum Venture India, said, “Fulcrum along with the management, have outlined an aggressive action plan to be implemented over quarter 3 & 4 of FY13 with plans geared towards improved billing efficiency and enhancing net sales. As part of our hands-on strategy, we have been in regular meetings with the Congruent team during the deal completion to kick-start the action plan and have already seen results with net sales increasing by 31 per cent; a trend we expect to continue going forward. Congruent Solutions through its clients in technology services has developed domain expertise in the area of US pension Industry and is looking to specialise in this segment going forward. They realised that the RKS is at the heart of the pension providers in the US and the entire industry was using a legacy main frame solution, which was very cumbersome and expensive to maintain.”

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