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IFC Invests In Lifetree Convergence; To Fund Inorganic Growth

By TEAM VCC

  • 09 Apr 2009

Lifetree Convergence Ltd., a Delhi based telecom software and billing solutions company, has raised growth funding from International Finance Corporation (IFC), the private equity arm of World Bank. Even though the amount is undisclosed, a 2007 project report of IFC showed that the PE entity was invited to invest upto $20 million of a total funding requirement of $60 million.

Avendus Capital was the exclusive financial advisor to Lifetree for the transaction. According to a statement from Avendus, the capital would be used by Lifetree for inorganic initiatives. The transaction was consummated in August 2008.

Interestingly, Lifetree was acquired by Finnish telecom company Tecnomen for a cash and stock consideration of €33.2 million. Lifetree Convergence was founded in 2000 by Atul Chopra and others. It provides convergent billing and customer care, rating, and messaging platforms for the telecom industry.

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The operational support systems (OSS) and business support systems (BSS) software space, in which Lifetree is present, is a $29 billion opportunity, and is expected to grow at 8% year on year. Among them, the convergent solutions are expected to grow by 30% a year. Emerging markets are expected to contribute over 50% of the projected growth in this domain, a statement said.

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