US-based IT company Speridian Technologies has provided funding to Sesame Software, a financial technology solutions provider. The funding would make Speridian Technologies a majority stakeholder in the company.
According to an official statement, the funding will be used for enhancing Sesame Software’s industry presence. The investment amount remains undisclosed.
Kozhikode-based Sesame Software was incepted in 1993 by Vinod VC. According to its website, they are an ISO certified company and have more than 21 years of expertise in banking solutions. With more than 160 customers, the company claims to be the first to successfully provide Core Banking Solutions (CBS) in Urban Bank of Kerala.
Vinod VC, founder and MD, Sesame Solutions said, “This acquisition adds to our capacity and geographic presence and enables us to deliver exceptional service to our customers and prospects.”
Their technology partners include Microsoft Windows, Reliance, BSNL and TATA Teleservices.
Founded in 2003 by Girish Panicker, Speridian Technologies is a global IT solutions provider. They offer Customer Relationship Management (CRM) solutions for sales, service, marketing and business intelligence. The company is headquartered in Albuquerque, New Mexico.
This acquisition will enable Speridian Technologies’ entry into banking solutions’ market, making it a one stop comprehensive solutions provider for IT and banking industry, globally.
Similar players in the space are also doing well for themselves in recent times. In June 2016, Greytip Software a people management software company had raised about $5.2 Mn (INR 35 Cr) in a Series-B round of funding led by New Enterprise Associates (NEA) and Blume Ventures. Prior to that HDFC Bank Ltd launched SmartUp, a dedicated banking solution for startups, in association with Zone Startups India, a startup accelerator in Mumbai.