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BY Business Standard Reporter, 
Wed, February 13, 2008

To raise Rs 20cr for future plans

Hyderabad: STCThirdEye Technologies, a Chennai-based independent third party software testing company, plans to raise Rs 20 crore to fund its future plans. This includes setting up a 1,000-sester facility in Hyderabad and going in for acquisitions in the US and UK. 

“We have kept various options open including a private equity placement and roping in venture capital firms for mobilizing funds. We plan to utilize part of these funds to create a 1,000-seater facility in Hyderabad in the next two to three years, for which we are currently in talks with the Andhra Pradesh government, ”Thirumal Raj, CEO of the company, told media persons here on Wednesday. 

The $5-million company opened its test lab in Hyderabad. The Hyderabad lab currently has 60 employees and the company plans to accommodate over 300 testing resources within six months. Besides Hyderabad, it has offshore test labs in Chennai, Bangalore and Mumbai with strength of 500 employees.


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