Pune-based software company Sapience Analytics Pvt. Ltd has raised an undisclosed amount from Credit Suisse Asset Management’s NEXT Investors.
This investment will also see Sapience’s early investor, Indian Angel Network, exit its seven-year-old investment, and NEXT pick up a majority stake in the company.
Founded in 2009, Sapience had received its first external funding of $350,000 from Indian Angel Network in July 2010, followed by a Rs 4.5-crore Series A round from Seed Ventures in 2012. Subsequently, in 2014, it had secured another Rs 9 crore in a Series B round from Orios Venture Partners.
“We had signed the term sheet for Sapience in a record 12 days. This in itself was an affirmation of the business potential of Sapience. We are delighted that a product originating from India is now a player on the global platform,” said Indian Angel Network investor Harish Mehta.
“The new partnership with NEXT promises rapid growth for Sapience. Our early partnership with Indian Angel prepared and catapulted us for global play. While Indian Angel and other investors have exited, we believe this (the new round) will support and help Sapience start its ‘NEXT’ chapter,” said Shirish Deodhar, CEO and co-founder, Sapience Analytics.
The funds will be used to accelerate the company’s expansion into the US market, where the company will soon be moving its headquarters.
As part of the transaction, Frank Fanzilli, senior advisor to NEXT Investors, and Greg Grimaldi, the portfolio manager, NEXT Investors, at Credit Suisse Asset Management, have joined the Sapience board as directors.
Sapience was founded by Deodhar, Madhukar Bhatia, Swati Deodhar and Hemant Joshi. It is a people analytics solutions company that provides employee productivity and time management software. The company claims to have served over 70 enterprises across 12 countries.
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