Emagia to expand city centre
Hyderabad : Emagia Corp, a US-based provider of financial software, is betting heavily on Hyderabad, which would be its primary research and development center for the Santa Clara-based firm, the company's president and CEO Mike Backlund said here on Thursday.
Speaking to Deccan Chronicle, Backlund said the company, founded by an NRI, Veena Gundavelli, would be expanding its workforce from the current 40 software engineers to over 50 in the next few months.
"We make products that allows companies to better manage their cash. It helps them in collecting cash and forecasting their cash position and outflows. More importantly, it helps them in cutting the cost of their operations," Backlund said.
According to him, the company had decided to utilise Hyderabad as its main R&D centre, because of the availability of manpower.
"We will be aggressively scaling up our operations here. We recently concluded a second round of funding of $7.5 million from WestBridge Capital Partners. This money is being used to scale up our marketing and our R&D operations," he said.
Emagia, which means 'magic' in Italian, would be building its Engineering capacities, while it has expanded its operations in Europe by setting up a marketing office in London.
"The Hyderabad centre is the foundation that we are building our business on. It is the most important R&D centre for us," Backlund said. The company is planning to build products for the treasury segment.
Backlund said the company would also be ramping up its customer support service center in Hyderabad over the next few months.
Backlund said, "We have a long-term commitment to Hyderabad because it is one of our major core competitive advantage. And we are finding the people to build the J2EE technology products we are involved in."
Emagia Corp was founded in the year 1998 by Veena Gundavelli, who is stated to be originally from Hyderabad, and has so far received as much as $11 million in venture capital funding. Gundavelli is now the Chief Strategy Officer of the company.
