The Hindu Business Line : Connectiva in talks for second round funding

CONNECTIVA Systems Inc, provider of revenue assurance solutions to the telecommunications industry, with its global R&D centre in Kolkata, has initiated talks with investors for a second round of funding that will help the company mop up around $5 million.

The New Jersey-based company has placed 35 per cent of its equity stake with two New York-based venture capital funds - Carthage Group and Ovation Capital - and raised $5.2 million.

Funds raised from the second round will be used to facilitate the company's global business plans, said Mr Avi Basu, Chief Operating Officer of Connectiva Systems Inc, at a press conference here on Friday to announce the $2-million deal with wireless carrier Mobile Telecommunications Company of Kuwait.

The deal includes licence fees, implementation, support and maintenance of Connectiva's revenue assurance product that is aimed at plugging revenue leakages and maximising revenue generation.

Mr Basu said that, while the product was targeted at the telecom sector, the revenue assurance solution could also be deployed in sectors such as healthcare and power.

According to him, while Connectiva has its marketing offices in the US, the UK and India, its global development centre and R&D activities are in Kolkata. The company plans to ramp up manpower at its Kolkata facility from 65 to 130 by the end of the current calendar year.

Connectiva has a turnover target of $10 million for the financial year ending March 31, 2006. In 2004-05, it recorded a turnover of $5.3 million, according to Mr Basu.

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