Monday, January 3 2005 15:28 Hrs (IST) - World Time -

Bangalore: Technology solutions provider Caritor has reached agreement with Citigroup Venture Capital (CVC) International to make an investment in Caritor for joint strategic initiatives.

No financial details were disclosed but Caritor said that CVC International, a business unit of Citigroup Alternative Investments, would play an instrumental role in helping Caritor expand its global operations, increase market share and strengthen capabilities across multiple industry sectors.

Mani Subramanian, Founder, Chairman and CEO of Caritor, said CVC International becoming "investor-partner" not only reaffirms Caritor's market credibility and competitiveness but also helps it in rapidly growing its market presence and strengthening core competencies.

"CVC International with its significant insight into the outsourcing space is the right partner for us as we begin the next phase in our journey to become a dominant player in the industry", Subramanian said in a statement in Bangalore today (Jan 3, 2005).

Dipak Rastogi, Head of CVC International, said, "In an increasingly competitive outsourcing market, Caritor has shown its ability to acquire, keep and grow customer relationships."

"While a mid-size player in terms of revenue, we believe Caritor has the potential to emerge as a global leader in the IT industry and we at Citigroup are delighted to play a role in this," Rastogi said.