Date:30/05/2006 URL: http://www.thehindubusinessline.com/2006/05/30/stories/2006053002640400.htm

Back Nimaya gets $3 m from Updata Partners

Our Bureau

Hyderabad , May 29

Nimaya Inc, a technology provider, has announced that it has completed a $3-million (about Rs 13.5-crore) Series A round of financing by Updata Partners.

Nimaya plans to use this fresh capital infusion to expand its application suite, sales and marketing teams, and invest in software development.

The CEO of Nimaya, Mr John de Wit, in a statement said: "Updata's commitment validates our business strategy and demonstrates to both the technical and business communities that the problems our software addresses are tangible and significant business challenges."

Mr Andrew Nash, former COO of BroadVision, will become Chairman of the board of directors. Also joining the board are Mr Tim Meyers and Mr Carter Griffin of Updata Partners.

Nimaya has been profitable since it was founded in 1998 and has internally financed its growth all through.

The New Jersey-based Updata Partners invests in early and growth stage IT companies. Based in the US, Nimaya has its offshore development centre in Hyderabad.