Cybernet in talks with VCs for second round of funding.
cybernetsoft.com
..'Cybernet Software Systems, Inc. (CSS), is a privately held Corporation with its headquarters in San Jose, California. CSS has worldwide reach with its Indian Office catering to the Asia Pacific market and an Austrian subsidiary handling Europe and Middle East. In North America, regional practices have been established in New York and Washington...
CSS scouts for venture capital
Our Bureau -BL
CHENNAI, Oct. 19
THE Chennai-based Cybernet Software Systems (CSS) is to go in for its second round of funding. The company is in talks with venture capitalists for the same.
Speaking to Business Line, Mr. C.K. Thomas, Vice-President, CSS, said, "We are looking to sell about 10 per cent of the company now. As to the total valuation of the company, we estimate it to be between $30 millions and $40 millions."
In its first round of funding, the company had roped in ING Barings for a 20 per cent stake.
For the year ending December 1999, the organisation estimates revenues totalling $2.4 millions (Rs. 10.32 crores). According to Mr. Thomas, "We have grown fast in the recent past. We will be showing about 500 per cent growth in revenues over 1998." The company forecasts that revenues should touch $7 millions for the year 2000.
With predominant business coming in from the US market through its US arm, CSS Inc, the company has recently procured an order worth $1 million from Hello Networks in the US. It is invested with the responsibility of building Hello Networks' planned online community site, according to Mr. Thomas.
Hello Networks, a recent start-up, has technology that helps generate streaming video and audio for Web sites. According to Mr. Thomas, "It's faster than the rest of the technology because it uses Java applets instead of plug-in software or pre-installed software to run video and audio links."
CSS also has products that were developed in the Lotus Notes platform. |
