| Citigroup will play an instrumental role in helping Caritor expand its global operations, increase market share and strengthen capabilities across multiple industry sectors and for joint strategic initiatives. |
| No financial details of the deal were disclosed. Earlier know as IT Solutions and started by former Wipro president Mani Subramanian, the company has been growing rapidly in the recent past and is stacking up for a sizeable acquisition post this deal. |
| Caritor currently has a topline of nearly $60 million and has cash reserves of $20 million. It reports margins in the range of 15-16 per cent and intends to touch the $100 million turnover mark this fiscal. Caritor currently employs close to 2,000 professionals across five development centres in Bangalore and Chennai. |
| The employee base is expected to touch 3,000 by end of this year. The company is also looking at setting up a development unit in Hyderabad. |
| Caritor so far invested close to $15 million in setting up development centres and is aggressively ramping up it business presence in India in addition to using this geography as a development base. |
| It is also learnt that Caritor is considering entering the business process outsourcing through a joint venture. |
| Subramanian, who is the chairman and CEO of Caritor, said: "Our success in the marketplace depends on our increasing ability to continuously deliver leadership results to our customers while aggressively expanding our customer footprint. We are set to build a long-lasting organisation that leaves a legacy of its own beyond the lifetime of the founder." |
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