WestBridge, Sigma Partners invest $7.5m in Emagia Corp
08 April 2003
Bangalore: WestBridge Capital Partners today announced that along with Sigma Partners it has co-led an investment of $7.5 million in Santa Clara-based Emagia Corporation, a leading enterprise cash-flow management solutions company.
WestBridge is a leading US-India venture capital firm with $140 million under management. WestBridge will play a key role, assisting Emagia in business development and in recruiting senior staff in India and the US.
Sumir Chadha, senior managing director, WestBridge Capital Partners, and Mark Pine, managing director, Sigma Partners, will join the board of Emagia. Shailesh Mehta, former CEO of Providian, will also join the board along with Peggy Taylor, head of PeopleSoft Investments.
Emagia delivers enterprise cash flow management solutions that help manage cash inflow and outflow performance efficiently, to optimise working capital. The company has created an entirely new kind of financial platform collaborative finance to help companies achieve better fiscal performance in the new world of Internet business.
Emagia collaborative finance suite optimises financial processes between suppliers, buyers and financial transaction partners by creating a collaborative environment across multiple enterprises. Emagia has an office in Hyderabad with a current workforce of 35 people. The corporation has clients in Coca-Cola, Network Associates and others.
Sigma Partners, with more than $1 billion under management, has previously invested in companies such as Cascade, Vignette and Storage Networks. WestBridge Capitals portfolio includes industry leaders such as Celetron, Zenasis Technologies and July Systems, among many others.