US-based financial services provider Liberty Mutual Insurance has joined with venture capital firm FTV Capital to invest $50m in Utopia, a US-based provider of enterprise data management services based on SAP’s software.
Arvind Singh, executive president of Utopia, said: "With additional funding, we can now accelerate and expand our global footprint, leverage Utopia University to hire and train locally in international markets, expand our offerings in to new verticals, and invest in cutting edge research at Utopia Labs, our new R&D and innovation center, to help define the future of data. We plan to hire an additional 500 employees in 2012 to meet our growth targets."