Ramco raises fund of around USD 52 mn to expand globally

Ramco Systems has raised capital around USD 52mn (Rs 325 crs) through Qualified Institutional Placements (QIP). The company which recently published its unaudited financial results for FY 2015, had announced net profit after tax of USD 2.09m (Rs 12.7cr) for the year on a consolidated basis. The fresh infusion of funds is aimed at retiring a substantial portion of debts, supporting operational expenses to attract the right talent and enhancing marketing efforts in global markets.

With Enterprise Cloud market touted to be among the fastest growing segments, Ramco has been investing in expanding and building capabilities to address global needs. Leading global and domestic institutional players have picked up stake in the company through this QIP. Ramco believes that raising funds at current valuation levels would be in the long term interests of the Company and would allow the Company to deleverage. Consequent to QIP, Public shareholding of Ramco shares has increased from 30.9% to 42.9%.

P R Venketrama Raja, Vice Chairman and Managing Director, Ramco Systems, said, “Globally, Cloud companies are getting good valuation. This is the value that investors attach to IP-led businesses. India is slowly moving towards differentiating Product from Services led software businesses. We are happy to be leading this curve. The successful fund raising from institutional investors is a testament of the belief and trust they place on the company and the strong fundamentals on which our business is built.” See more

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