SBI teams up with Mahindra Satyam to roll out $50m fund
India-based IT consulting and business service provider Mahindra Satyam has partnered with Japanese venture capital firm SBI Holdings to roll out a $50 joint fund to invest in ICT companies globally.
The two firms have contributed an equal amount to the vehicle, which will be subject to regulatory and other approvals.
With a sharp focus on innovation as a future trend for growth, C.P. Gurnani, CEO of Mahindra Satyam, said they would invest into emerging spaces such as mobility, social networking, security solutions and cloud.
"Investments in enterprise mobility and collaborative applications are the leading IT investment priorities for businesses in 2012, with infrastructure consolidation, virtualization and security upgrades in the second tier," he added.
Through the partnership, Mahindra Satyam also hopes to generate revenue streams from other portfolio companies of SBI, Japan's largest venture capital and private equity company with over $3 billion under management.
SBI CEO Kitao said: "Combining the two firms' complementary strengths, the fund will create an investment platform which will enable the fund to capture lucrative opportunities in the global ICT sector."
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