Mu Sigma raises $108 million equity fundDecember 29th, 2011 - 12:10 am ICT by IANS
Bangalore, Dec 28 (IANS) Leading analytics firm Mu Sigma Wednesday raised $108 million (Rs.573 crore) from private equity firm General Atlantic and venture firm Sequoia Capital in its second round of investment.
With its main delivery centre in Bangalore, the US-based Mu Sigma provides decision science and analytics services to global enterprises by integrating disciplines of business, math and technology in a global delivery model.
“Though we are profitable and can finance our operations, the fresh investment will be used to accelerate our growth in the burgeoning analytics services market,” Mu Sigma founder chief executive Dhiraj Rajaram said in a statement here.
In the first investment round in April, the six-year-old company raised $25 million from Sequoia, which works with founders of start-ups who want to turn business ideas into enduring companies.
Mu Sigma has over 50 Fortune 500 clients, including Microsoft and Dell and 1,500 analytics professionals.
According global consultancy firm McKinsey, digital information will increase 20-fold by 2020. In order for businesses to handle an explosion of ‘big data’ - defined as data sets too big to be handled by current database technology - about 190,000 analytical talent positions have to be created during this decade.
“The big data phenomenon is creating challenges for corporations as they look to better harness information to accelerate and improve decision-making. We look forward to working with Mu Sigma in continuing to build a pre-eminent analytics company,” Atlantic chief executive Bill Ford said in the statement.
According to Sequoia managing director Shailendra Singh, Mu Sigma has high analytics capabilities and a unique operating model to create client impact for Fortune 500 firms.
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