 "With $35 million cash injection, Saama Technologies to expand India base")
Data sciences and analytics firm Saama Technologies Inc., which is based in Pune and Silicon Valley, U.S., on Tuesday announced that investment firm Carrick Capital is investing $35 million in the company in series 'A' funding.
The company intends to utilise these funds by expanding their reach in India over the next financial quarter.
"Saama will spend this money on expansion in India. We plan to add over 500 new jobs over the next financial quarter and also increase our software export based revenues," said Saama Technologies Inc. director (marketing operations) Supratik Ghatak.
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Around 10% of these jobs will be earmarked for fresh graduates. With this capital intake, Saama plans to increase its market share in the healthcare data solutions and insurance data solutions and take on industry leaders like Cognizant and ZS Associates. Part of these funds will also be spent on new office space in Pune to help bring operations under one roof.
"We have been following Saama for numerous years and have a close, long-term working relationship with its chairman, Ken Coleman. We are pleased to have this opportunity to be engaged with the company and are confident that Carrick's experience will add considerable value," Carrick Capital Partners co-founder and managing director Marc McMorris said.
McMorris shall join the Saama board of director after this deal is finalised.
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