India & US-based communications software company Aricent has raised $60 million in new round of funding from Kohlberg, Kravis and Roberts (KKR) and The Family Office. Aricent was acquired by KKR for $900 million in the largest leveraged buyout in India.
The Family Office is a multi-family office company focused on fulfilling the wealth management needs of private and institutional clients in the Arabian Gulf. Though based in Palo Alto in California, 6,500 of Aricent's 8,000 employees are based in India.
Aricent plans to use this funding to accelerate the momentum of engagements with infrastructure, application and service providers worldwide, as well as expand the company's business activities in the Middle East. Aricent has more than 550 customers and reported revenues of $382 million for FY08. Based on its Q1 results, the firm may hit revenues of $470 million this year. The firm competes with the likes of Infosys, Sasken, IBM, Tech Mahindra and Wipro.
Aricent also launched a product called Celltop, a mobile client framework that is aimed at enabling the delivery of next-generation content, commerce and communication services across GSM and CDMA networks.
"We wanted to take advantage of our momentum by strengthening our balance sheet as the company continues to outpace the market in terms of growth and new customer acquisition," said Sanjay Dhawan, president and COO of Aricent, in a release.